ACCT 553 Midterm Exam
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( TCO F ) ( Becker CPA Review Course , Reg . 1 ) Smith has an adjusted gross income ( AGI ) of $ 140,000 without taking into consideration $ 40,000 of losses from rental real estate activities . Smith actively participates in the rental real estate activities . What amount of the rental losses may Smith deduct in determining taxable income ? ( Points : 17
8 . ( TCO B ) ( Becker CPA Review Course Reg . 3 ) For the year ended December 31 , Year 6 , Taylor Corp . had a net operating loss of $ 200,000 . Taxable income for the earlier years of corporate existence , computed without reference to the net operating loss , was as follows :
9 . ( TCO F ) ( Becker CPA Review Exam Reg . 1 ) Randolph is a single individual who always claims the standard deduction . Randolph received the following in the current year :
10 . ( TCO H ) Alex Smith purchased 30 shares of XYZ stock on April 30 , 2010 for $ 210 , and on September 1 , 2010 , he purchased 90 additional shares for $ 900 . On November 8 , 2010 , he sold 48 shares , which could not be specifically identified , for $ 528 , and on December 15 , 2010 , he sold another 25 shares for $ 50 . What is his recognized gain or loss ? ( Points : 17 )
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ACCT 553 Midterm Exam
For more course tutorials visit www . uophelp . com
1 . ( TCO C ) Under current accounting practice , intangible assets are classified as ( Points : 5 ) 2 . ( TCO C ) Which of the following intangible assets should not be amortized ? ( Points : 5 )