Acct 324 Midterm Exam Guide Essay

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Question : (TCO 9) In terms of probability, which of the following taxpayers would least likely be audited by the IRS?

Question : (TCO 9) A characteristic of fraud penalties is:

Question : (TCO 1) Federal tax legislation generally originates in what body?

Question : (TCO 1) Subchapter S covers which specific area of tax law?

Question : (TCO 11) Kyle, whose wife died in December 2009, filed a joint tax return for 2009. He did NOT remarry, but has continued to maintain his home in which his two dependent children live. What is Kyle’s filing status regarding 2012?
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She does NOT elect to take additional first-year depreciation. Determine the cost recovery deduction for 2011.

Question : (TCO 10) Which of the following is correct?

Question : (TCO 10) On May 2, 2011, Karen places in service a new sports utility vehicle that costs $70,000 and has a gross vehicle weight of 6,300 lbs. The vehicle is used 40% for business and 60% for personal use. Determine the cost recovery deduction for 2011.

Question : (TCO 10) Danielle owns a vacation cottage. During the current year, she rented it for $1,500 for 48 days, and lived in it for 12 days. How would any expenses be accounted for?

Question : (TCO 3) During the year, Rick had the following insured personal casualty losses (arising from one casualty). Rick also had $18,000 AGI for the year.

Question : (TCO 3) John had adjusted gross income of $60,000. During the year, his personal use summer home was damaged by a fire. Pertinent data with respect to the home follows:

Question : (TCO 3) Jim purchases a ticket for $80 for a special concert by the symphony (a qualified charity). If the price of a ticket is normally $25, what is the amount allowed as a charitable deduction?

Question : (TCO 3) Karen, a calendar year taxpayer, made the following donations to qualified charitable organizations in the current year:

Question : (TCO 3) This year, Ralph made the

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