ACCT 324

  • ACCT 324 Final Exam

    ACCT 324 Final Exam

    ACCT 324 Final Exam Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real...

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  • ACCT 324 Week 1 Quiz

    ACCT 324 Week 1 Quiz

    ACCT 324 Week 1 Quiz 1. (TCO 1) Which, if any, is NOT one of Adam Smith's canons of taxation? 2. (TCO 1) Federal excise taxes that are no longer imposed include 3. (TCO 1) Tax bills are handled by which committee in the U.S. Senate? 4. (TCO 8) Social...

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  • ACCT 324 Week 2 Quiz

    ACCT 324 Week 2 Quiz

    ACCT 324 Week 2 Quiz 1. (TCO 2) On June 30, 20x2, Jill, a cash basis taxpayer, gave Tina a bond with a $25,000 face amount that pays $2,500 interest each December 31. When Tina collected the interest on December 31, 20x2: 2. (TCO 3) Iris, a...

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  • ACCT 324 Week 3 Quiz

    ACCT 324 Week 3 Quiz

    ACCT 324 Week 3 Quiz Question 1.1 (TCO 2) Saul is single, under age 65, and has gross income of $50,000. His bona fide deductible expenses are as follows:  Question 2.2. (TCO 2) On September 3, 20x1, Able purchased stock in Red Corporation...

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  • ACCT 324 Week 4 Midterm

    ACCT 324 Week 4 Midterm

    ACCT 324 Week 4 Midterm 1. (TCO 9) Trent files his tax return 35 days after the due date. Along with the return, Trent remits a check for $8,000, which is the balance of the tax owed.  2. (TCO 9) A characteristic of fraud penalties is 3...

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  • ACCT 324 Week 5 Quiz

    ACCT 324 Week 5 Quiz

    ACCT 324 Week 5 Quiz 1. (TCO 4) Several years ago, Floyd purchased a structure for $150,000 that was originally placed in service in 1929. In the current year, he incurred qualifying rehabilitation expenditures of $200,000. The amount of the tax...

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  • ACCT 324 Week 6 Quiz

    ACCT 324 Week 6 Quiz

    ACCT 324 Week 6 Quiz 1. (TCO 6) Steve purchased his home for $500,000. As a sole proprietor, he operates a certified public accounting practice in his home. For this business, he uses one room exclusively and regularly as a home office. In Year 1,...

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  • ACCT 324 Week 7 Quiz

    ACCT 324 Week 7 Quiz

    ACCT 324 Week 7 Quiz 1. (TCO 6) An individual taxpayer owns a landscape painting. The painting would NOT be a capital asset if it was held by the taxpayer in which of the following circumstances 2. (TCO 6) Blue Company signs a 12-year...

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