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ACCT 553 Final Exam (New)

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1.
(TCO E) Zelda Zayer has been a widow for over 3 years and files a
return as a single taxpayer. Items of income received by Zelda in 2011
were as follows.
(TCO E) Distinguish between realized gains and losses and
recognized gains and losses. (Points : 17)
(TCO F) Describe the current tax law for sale of residence. (Points :
17)
(TCO I) Amos, a single individual with a salary of $50,000, incurred
and paid the following expenses during the year.
Question 4.
(TCO G) Briefly describe what "material participation" is. Why is
the determination of whether a taxpayer materially participates
important? (Points : 17)

(TCO I) Amos, a single individual with a salary of $50,000, incurred
and paid the following expenses during the year
6. (TCO I) A review of Bearing's Year 2 records disclosed the
following tax information:
Wages