=================================================== ACCT 553 Week 5 Quiz FOR MORE CLASSES VISIT www. acct553study. com
3. Please describe the purpose of Sch3edules M-1 and M-3. When is a Schedule M-3 required in lieu of a Schedule M-1.( 5 pts.)
Chapter 17
4. Please define and differentiate a Spin-off, Split-off, and Split-up.( 5 pts.)
=================================================== ACCT 553 Week 5 Quiz FOR MORE CLASSES VISIT www. acct553study. com
1.( TCO E) For federal tax purposes, royalty income not derived in the ordinary course of a business is classified as:
2.( TCO F) When comparing corporate and individual taxation, the following statements are true, except:
3.( TCO H) Al and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $ 80,000. They had a net investment income of $ 8,000. In 2012, they had the following interest expenses:
Personal credit card interest: $ 4,000 Home mortgage interest: $ 8,000 Investment interest( on loans used to buy stocks): $ 10,000
4.( TCO B) Charitable contribution deductions for capital gains property made by individuals without a reduction for long-term capital gains to public charities are limited to: