ACCT 553 FEDERAL TAXES MGMT DECISIONS FINAL EXAM DEVRY
ACCT 553 (Federal Taxes Mgmt Decisions) Final Exam DeVry – Updated 2014
1. (TCO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as: (Points : 5)
portfolio income.
active income.
passive income.
None of the above
portfolio income.
active income.
passive income.
None of the above
2. (TCO D) Which of the following is an example of a nontaxable like-kind exchange? (Points : 5)
An ice cream making machine for inventory of Rocky Road ice cream
Land for an office building
Office equipment for a computer
All of the above
An ice cream making machine for inventory of Rocky Road ice cream
Land for an office building
Office equipment for a computer
All of the above
3. (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses:
• Personal credit card interest: $5,000
• Home mortgage interest: $10,000
• Interest paid on qualified education loans: $2,000
• Investment interest (on loans used to buy stocks): $10,000
What is the interest deduction for Alex and Amy for the 2012 tax year? (Points : 5)
$8,000
$12,000
$20,000
$18,000
• Personal credit card interest: $5,000
• Home mortgage interest: $10,000
• Interest paid on qualified education loans: $2,000
• Investment interest (on loans used to buy stocks): $10,000
What is the interest deduction for Alex and Amy for the 2012 tax year? (Points : 5)
$8,000
$12,000
$20,000
$18,000
4. (TCO B) Unreimbursed expenses of employees are considered to be deductions: (Points : 5)
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