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ACCT 324
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ACCT 324 Slingshot Academy
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Final Exam
Question 1.1. (TCOs 2 3) Evelyn sold her
personal residence to Drew on March 1 for
300,000. Before the sale, Evelyn paid the real
estate taxes of 3,000 for the calendar year. For
income tax purposes, the real estate tax
deduction is apportioned as follows 750 to
Evelyn and 2,250 to Drew. Drew's basis in the
residence is (Points 5) Question 2.2. (TCOs 3,
4, 5, 7) In the current year, Galaxy
Corporation, a closely held C corporation that is
not a personal service corporation, has 80,000
of passive losses, 60,000 of active business
income, and 10,000 of portfolio income
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Midterm 2 NEW
1. (TCO 9) Which of the following is NOT a
characteristic of the audit process? 2. (TCO 9) A
characteristic of fraud penalties is 3. (TCO 1)
The Internal Revenue Code was codified for the
first time in what year? 4. (TCO 1) Subchapter S
covers which specific area of tax law? 5. (TCO
11) Which of the following taxpayers may file as
a head of household in 2008?
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Midterm 3 NEW
1. (TCO 9) Trent files his tax return 35 days
after the due date. Along with the return, Trent
remits a check for 8,000, which is the balance
of the tax owed. Disregarding the interest
element, Trent's total failure to file and to pay
penalties are 2. (TCO 9) A characteristic of
fraud penalties is 3. (TCO 1) Tax bills are
handled by which committee in the U.S. Senate? 4.
(TCO 1) Which statement is false with respect to
tax treaties? 5. (TCO 11) Emily, whose husband
died in December 2008, maintains a household in
which her dependent daughter lives.
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Week 2 You Decide Assignment
ACCT 324 Week 2 You Decide Assignment
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Week 3 Homework Assignment Chapter 10
and 12
ACCT 324 Week 3 Homework Assignment Chapter 10
and 12
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Week 4 Homework
Chapter 9 Problem 47 Christine is a full-time
teacher of the fourth grade at Vireo Academy.
During the current year, she spends 1,400 for
classroom supplies. On the submission of adequate
substantiation, Vireo reimburses her for 500 of
these expensesthe maximum reimbursement allowed
for supplies under school policy. The
reimbursement is not shown as income (Box 1) of
Form W-2 given to Christine by Vireo.
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Week 5 Homework
Chapter 12 Discussion 1 LO.1 Priscilla was
recently promoted and received a substantial
raise. She talks to her tax adviser about the
potential tax ramifications. After making some
projections, her adviser welcomes her to the AMT
club. Priscilla believes that it is unfair that
she must pay more than the regular income tax, as
she is a HENRY (high earner not rich yet) with
substantia college-related debts.
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Week 6 Homework
Chapter 14 36. LO.1, 2 Which of the following
results in a recognized gain or loss? b. Adam
sells his personal residence (adjusted basis of
150,000) for 100,000. c. Carl's personal
residence (adjusted basis of 65,000) is
condemned by the city. He receives condemnation
proceeds of 55,000. d. Olga's land is worth
40,000 at the end of the year. She had purchased
the land six months earlier for 25,000.
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Week 7 Course Project
ACCT 324 Week 7 Course Project.pdf
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ACCT 324
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ACCT 324 Slingshot Academy
ACCT 324 Week 8 Final Exam
Question 1.1. (TCOs 2 3) Evelyn sold her
personal residence to Drew on March 1 for
300,000. Before the sale, Evelyn paid the real
estate taxes of 3,000 for the calendar year. For
income tax purposes, the real estate tax
deduction is apportioned as follows 750 to
Evelyn and 2,250 to Drew. Drew's basis in the
residence is (Points 5) Question 2.2. (TCOs 3,
4, 5, 7) In the current year, Galaxy
Corporation, a closely held C corporation that is
not a personal service corporation
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ACCT 324
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ACCT 324 Slingshot Academy
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build it by investing in our kids and investing
in education.
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