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AC 256 Exam 2 (Kaplan)
Amanda, who lost her modeling job, sued her employer for age
discrimination. She was awarded $75,000 in lost wages, $25,000
for emotional distress, and $150,000 punitive damages. The
amount taxable is
One of the requirements that must be met in order to defer
recognition of income for advance payments for goods is
Hoyt rented office space 2 years ago to Harris, receiving the
first and last months' rent plus a security deposit of $1,000.
In early January of this year, Harris moves and Hoyt refunds
$250 of the deposit and keeps the remainder to cover $500 which
is spent for repairs to the office space and 1 week of unpaid
rent that amounts to $250. How would this information be
reflected on Hoyt's tax return this year?
Which of the following statements is false?
Which of the following statements regarding qualified tuition
programs is incorrect?
Which of the following is not excluded from income? (Assume that
any amounts received by the taxpayer were kept.)
Norah's Music Lessons Inc. is a calendar-year taxpayer using the
accrual method of accounting. On October 1 of this year, the
corporation received $1,200 for a 1-year contract beginning on
that date to provide 10 lessons. The company provided six
lessons this year under the contract. How much should
corporation include in income this year with respect to this
contract?
Over the years, Rianna paid $65,000 in premiums on a life
insurance policy with a face value of $100,000. Upon reaching
65, while still in good health, Rianna surrendered the policy
and collected $95,000. In the year of collection, Rianna will
report
Hope receives an $18,500 scholarship from State University. The
university specifies that $8,500 is for tuition, books,
supplies, and equipment, while $10,000 is for room and board. In
addition, Hope works part-time at the campus library and earns
$5,000. Hope's gross income is
Carla redeemed EE bonds which qualify for the educational
exclusion. The redemption consisted of $14,000 principal and
$6,000 interest. The net qualifying educational expenses are
$10,000. Her AGI is below the threshold for phase-out of the
exclusion. The taxable interest is
Bret carries a $200,000 insurance policy on his life and has paid
premiums of $10,000 over the years. Dividends on the policy have
totaled $8,500. Each year, Bret has left the dividends with the
insurance company. In the current year, the insurance company
credited $800 of interest on the accumulated dividends to Bret's
account. In addition, $600 of dividends was added by the
insurance company. In the current year, Bret must report income
of
David has been diagnosed with cancer and is expected to live less
than 18 months. David is covered by a life insurance policy with
a $400,000 face amount. David cashes in the policy early under a
special option and receives 80% of the face amount or $320,000.
In the year of collection, David will report
All of the following items are excluded from gross income except
Distributions from corporations to the shareholders in a
nonliquidating distribution will usually be classified as a
dividend up to the amount of the corporation's
Greg is the owner and beneficiary of a $100,000 policy on the
life of his mother. Greg gives the policy to his brother, Don.
Don subsequently pays premiums of $40,000. Upon his mother's
death, how much of the insurance proceeds must Don include in
income?
Frasier and Marcella, husband and wife, file separate returns.
Frasier and Marcella live in a community property state that
considers separate property income to be separate. Frasier's
salary is $42,000 and Marcella's salary is $46,000. Marcella
receives dividend income of $4,000 from stock inherited from her
parents. Frasier receives interest income of $1,000 from bonds
purchased with his salary after marriage. Frasier and Marcella
receive $3,200 dividend income from stock they purchased
jointly. Marcella's income would be
Elisa sued her former employer for discrimination. She was
awarded $200,000 for lost wages, $30,000 for medical expenses
related to emotional distress resulting from the discrimination,
and $300,000 in punitive damages. The amount taxable is
Which one of the following items is not considered gross income
for tax purposes?
Speak Corporation, a calendar-year accrual basis taxpayer, sells
packages of foreign language lessons to individuals planning to
work overseas. In December 2014, it sold and received payment
for $600,000 of 24-month lesson packages to be provided evenly
through 2015 and 2016. Speak Corporation will recognize the
$600,000 of income
Tyler has rented a house from Camarah since last year. The rent is usually $1,200 per month, but Camarah reduced the monthly
rent down to $200 for all 12 months this year in exchange for
Tyler putting in an inground pool in the backyard. The
improvement has a fair market value of $20,000. How much total
rental income must Camarah report this year?
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