ACCT 553 STUDY Learn by Doing/acct553study.com ACCT 553 STUDY Learn by Doing/acct553study.com | Page 2

ACCT 553 Final Exam (New) FOR MORE CLASSES VISIT www.acct553study.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