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Acct 613 Final Exam (Umuc)-New

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  For This and Any Other Courses,Assignments, Disscussions,Quizes,FinalExams,Test Banks And Solution anaualsCO!TACT S AT #$%S&E'$%((S)*A%(+CO O' %S%T O ' #EBS%TE ###+ACE$OE#O'-+!ET   ACCT ./0 Final Exam 1  C23!e4 1.Which of the following nominal rates does not apply to a Ccorporation? 10%15%25%35% Which of the following is never included in gross income?Loss on stock saleSocial security benefitsUnemployment benefitsGifts 3.What is George’s gross income if he has the following: Salary = $78,000; Dividends =$4,000; interest on city of San Francisco bonds = $2,000; a gain of $14,000 on a stocksale and a $4,000 loss on a smallsole proprietorship that he owns.a.$78,000$84,000$92,000$96,000 Coral Corporation (a C corporation) sold $100,000 of merchandise for which it paid$40,000. It also paid $35,000 of other expenses. All transactions were in cash. What isCoral Corporation’s after tax net cash inflow?$100,000  $60,000$25,000$21,250 5. Crispen Corporation can invest in a project that costs $400,000. Theproject is expected to have an aftertax return of $250,000 in each ofyears 1 and 2. Crispen normally uses a 10 percent discount rate toevaluate projects but feels it should use 12 percent to compensate forinflation. How much difference does the rate make in the aftertaxnet present value of the project?$50,000$22,500$20,000$11,250 A decision in the small case division of the Tax Court can be appealed only toCourt of AppealsSupreme CourtRegular Tax CourtFederal District CourtNone of the above Sheryl sold 100 shares of ABC stock for $2,100 and 300 shares of XYZ stock for$8,900. She purchased the ABC stock four years ago for $1,200 and the XYZ stock twoyears ago for $9,100. What is the net effect of these sales on Sheryl’s income?$200 net gain$700 net gain$900 net gain$1,100 net gain Abdo Corporation received permission to change its tax year end from December 31 to  August 31 in 2013. Its income from January 1 through August 31 is $278,000. What isAbdo’s tax liability?$91,670$94,520$108,420$141,780 Cora owns 6,000 shares of KLM stock, 2,000 shares of BBT Mutual fund, and 10,000shares of Centex Corporation. Her 1099DIV forms from these investments showed thefollowing:KLM: $3 per share distribution all reinvested in KLMBBT Mutual fund: $5 per share distribution, $1 of whichrepresents a capital gain distribution; none of this is reinvested. Centex: $2 per sharedistribution, all of which represents a return of capital.How much must Cora include in her income in the current year?$48,000$28,000$22,000$20,000 Wilma is CEO of and owns 100 percent of WT Enterprises, a cash basis, calendar yearcorporation. The company has always been profitable but over the last five yearsWilma’s salary has increased from over $400,000 per year to over $1,000,000 and it hasfailed to pay dividends. Which of the following will not occur if the IRS determinesthat $500,000 of her salary is unreasonable? Wilma will pay an additional tax on the $500,000 recharacterized as dividend.Wilma will be eligible for a refund of Medicare taxes.WT will lose a $500,000 deduction for the recharacterizeddividend.WT will be eligible for a refund of a portion of FICA taxes paid. What are Susie’s deductible moving expenses for 2013 if she spends $4,000 for packingand moving household goods, $1,200 to break the lease on her apartment, and $1,500to store the household goods for 45  days? In April she drove her car 1,400 miles to her new home and spent $250 for motelsand $80 for meals while traveling to the new home.$4,586$5,586$6,166$7,286 Carl, age 44, wants to contribute the maximum allowed to a Roth IRA. He is single andhis AGI is $116,000. How much can he contribute to the Roth IRA?$5,500$4,033$2,000$1467 In April 2013, Tobias was assigned to a job in the next county for the day. He drove 75miles each way to the job, paid $4 in tolls, $7 for parking and $9 for lunch. What is hisallowable business expense deduction?$84.70$95.75$100.25$104.75 14.How much may Chico Corporation, a calendaryear accrual basis corporation, deduct if it paid $3,000 on April 1 for an insurance policyfor the next three years, prepaid six months interest of $450 on November 1, and paid$2,000 rent for December and January onDecember 1.$1,900$2,450$2,600$5,450 In 2012, Jasmin loaned her friend Janelle $5,000 to invest in various stocks. Janellesigned a note to repay the principal with interest. In 2013, the stock market plunged andJanelle incurred large losses. In late 2013, Janelle declared personal bankruptcy and
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