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A characteristic of FUTA is that

A characteristic of FUTA is that
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Solution Guide / Answer Key:

TAXATION

MULTIPLE CHOICE

1. (TCOs 1, 2, and 3) A characteristic of FUTA is that: (Points : 5)

2. (TCOs 2 and 3) Provisions in the tax law that promote energy conservation and more use of alternative (non-fossil) fuels can be justified by: (Points : 5)

3. (TCOs 1, 2, 3, and 5) The annual increase in the cash surrender value of a life insurance policy: (Points : 5)

4. (TCOs 1, 2, 3, and 5) On October 1, 2010, Bob, a cash basis taxpayer, gave Dave common stock that paid a dividend of $1,000 on December 15, 2010. On November 15, 2010, the corporation declared the dividend payable to shareholders ofrecord as of November 22, 2010. The corporation has paid the $1,000 dividend once each year for the past ten years, during which Bob owned the stock. When Dave collected the dividend on December 15, 2010: (Points : 5)

5. (TCOs 1, 2, 3, and 5) Heather’s interest and gains on investments for 2010 were as follows:
Interest on Bland County school bonds $500
Interest on U.S. government bonds 600
Interest on a Federal income tax refund 100
Gain on the sale of Bland County school bonds 400

Heather’s gross income from the above is: (Points : 5)

6. (TCOs 4 and 5) Which of the following is not a “trade or business” expense? (Points : 5)

7. (TCOs 4 and 5) Tom operates an illegal drug-running operation and incurred the following expenses:
Salaries $ 75,000
Illegal kickbacks 20,000
Bribes to border guards 25,000
Cost of goods sold 160,000
Rent 8,000
Interest 10,000
Insurance on furniture and fixtures 6,000
Utilities and telephone 20,000

Which of the above amounts reduces his taxable income? (Points : 5)

8. (TCOs 4 and 5) Nikeya sells land (adjusted basis of $60,000) to her adult son, Shamed, for its appraised value of $50,000. Which of the following statements is correct? (Points : 5)

9. (TCOs 4 and 5) On July 20, 2008, Matt (who files a joint return) purchased 3,000 shares of Orange Corporation stock (the stock is § 1244 small business stock) for $24,000. On November 10, 2009, Matt purchased an additional 1,000 shares of Orange Corporation stock for $150,000. On September 15, 2010, Matt sold the 4,000 shares of stock for $80,000. How should Matt treat the sale of the stock on his 2010 return? (Points : 5)

10. (TCOs 4 and 5) Lew owns five activities, and he elects not to group them together as a single activity under the “appropriate economic unit” standard. During the year, he participates for 120 hours in Activity A, 150 hours in Activity B, 140 hours in Activity C, 110 hours in Activity D, and 100 hours in Activity E. (Points : 5)

 

FILE: MS WORD

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