ACCT 553 Week 6 Assignment You Decide
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Investment interest ( on loans used to buy stocks ): $ 10,000 4 . ( TCO B ) Charitable contribution deductions for capital gains property made by individuals without a reduction for long-term capital gains to public charities are limited to : 5 . ( TCO A ) The following taxes were paid by Tim : Real estate taxes on his home : $ 2,000 State income taxes : $ 900 State gasoline tax ( personal use of automobile ): $ 150 6 . ( TCO F ) Hoover , Inc . had gross receipts from operations of $ 230,000 , operating and other expenses of $ 310,000 , and dividends received from a 45 percent-owned domestic corporation of $ 120,000 . Hoover ' s tax position for the year is : 7 . ( TCO G ) All of the outstanding stock of a closely held C corporation is owned equally by David Smith and Steve Bufusno . In 2012 , the corporation generates taxable income of $ 30,000 from its active business activities . In addition , it earns $ 20,000 of interest from investments and incurs a $ 40,000 loss from a passive activity . How much income does the C corporation report for 2012 ? 8 . ( TCO G ) Mike , who is single , has $ 100,000 of salary , $ 15,000 of income from a limited partnership , and a $ 30,000 passive loss from a real estate rental activity in which he actively participates . His modified adjusted gross income is $ 100,000 . Of the $ 30,000 loss , how much is deductible ? 9 . ( TCO F ) Pam owns a sole proprietorship , and Kevin is the sole shareholder of a C ( regular ) corporation . Each business sustained a $ 16,000 operating loss and a $ 2,500 capital loss for the year . Evaluate how these losses will affect the taxable income of the two owners ? 10 . ( TCO G ) Briefly ( 1 ) define and ( 2 ) discuss the purpose and impact of each of the following : a . net operating loss b . at-risk rules c . tax shelter ================================================
ACCT 553 Week 6 Assignment You Decide
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