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:
Wages
$ 22,000
Unemployment compensation
6,000
Pension distribution (100% taxable)
4,000
A state tax refund from the previous year 425
What is Randolph’s gross income?(Points : 17)
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?(P