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Neither Bob nor Sam has any taxable income from this transaction.
4. Jane purchased an annuity contract that pays her $800 per month.
The annuity cost her $50,000 and it has an expected return of
$100,000. How much of each monthly annuity payment is includible in
Jane's gross income?
5. Which of the following is not considered "constructive receipt" of
income?
Mr. W received a check on December 30, 2009 for services rendered,
but was unable to make a deposit until January 3, 2010.
6. Stan and Anne were divorced in January 2009. The provisions of
the divorce decree and Anne's obligations follow: (1.) Transfer the title
in their resort condo to Stan. At the time of the transfer, the condo had
a basis to Anne of $75,000, a fair market value of $95,000; it was
subject to a mortgage of $65,000. (2.) Anne is to make the mortgage
payments for 17 years regardless of how long Stan lives. Anne paid
$8,000 in 2009. (3.) Anne is to pay Stan $1,000 per month, beginning
in February, for 10 years or until Stan dies. Of this amount, $300 is
designated as child support. Anne made five payments of $900 each in
2009 (February-June). What is the amount of alimony from his
settlement that is includible in Stan's gross income for 2009?
7. To be deductible for tax purposes, a trade or business expenditure
must be: