ACCT 553 Final Exam ( New ) For more course tutorials visit www . uophelp . com
ACCT 553 Final Exam ( New ) For more course tutorials visit www . uophelp . com
1 . ( TCO E ) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer . Items of income received by Zelda in 2011 were as follows .
( TCO E ) Distinguish between realized gains and losses and recognized gains and losses . ( Points : 17 ) ( TCO F ) Describe the current tax law for sale of residence . ( Points : 17 ) ( TCO I ) Amos , a single individual with a salary of $ 50,000 , incurred and paid the following expenses during the year . Question 4 .
( TCO G ) Briefly describe what " material participation " is . Why is the determination of whether a taxpayer materially participates important ? ( Points : 17 )
( TCO I ) Amos , a single individual with a salary of $ 50,000 , incurred and paid the following expenses during the year .
6 . ( TCO I ) A review of Bearing ' s Year 2 records disclosed the following tax information : Wages $ 20,000 Bearing actively participated in the rental property and was a limited partner in the partnership . Bearing had sufficient amounts at risk for the rental property and the partnership . What is Bearing ' s Year 2 adjusted gross income ?