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Tax Questions... Multiple Cho meth 1. For federal taxation purposes, royalty income non derived in the ordinary course of a business is classified ad as: Active income Portfolio income Passive income None of the above 2. Which of the following is not an example of a nontaxable like-kind supersede? An ice choice making machine for inventory of approximative Road ice cream. Land for an office building. A newswriter for a computer. The business of an apartment building for a blood building. 3. Al and Amy bill a joint return for the 2007 tax year. Their modify gross(a) income is $80,000. They had net investment income of $7,000. In 2007, they had the following glamour expenses: personal credit card occupy $4,000; Home mortgage interest $8,000; and Investment interest (on loans used to buy stocks) $10,000. What is the interest proof for Al and Amy for the 2007 tax year? $8,000 $15,000 $12,000 $18,000 4. Charitable theatrical role deducti ons for coin donations made by individuals to public charities are expressage to: 50% of AGI 40% of AGI 30% of AGI 20% of AGI 5. The following taxes were remunerative by Tim: Real estate taxes on his home: $2,000; farming income taxes: $900; and State gasoline tax (personal use of automobile): $150.

In itemizing his deductions, what is the add together that Tim may claim as a deduction for taxes? $2,000 $2,900 $3,050 $0 6. tease change a piece of business equipment that had an adjusted basis to him of $50,000. In return for the equipment, Josh received $60,000 cash in and a pic with a fair m arket cling to of $20,000 from the buyer. T! he buyer too assumed Joshs $25,000 loan on the equipment. Josh paid $5,000 in selling expenses. What is the amount of Joshs cause on the sale? $50,000 $105,000 $75,000 $60,000 7. Bens post, which has an adjusted basis of $85,000, is condemned by the state government. The authorities replace his property with other qualified property which speak to them $120,000. What is Bens recognized gain? $0...If you want to get a teeming essay, order it on our website: BestEssayCheap.com

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