1.

(TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows.
 

(TCO E) Distinguish between realized gains and losses and recognized gains and losses. (Points : 17)

(TCO F) Describe the current tax law for sale of residence. (Points : 17)

(TCO I) Amos, a single individual with a salary of $50,000, incurred and paid the following expenses during the year.

Question 4.

 

 (TCO G) Briefly describe what “material participation” is. Why is the determination of whether a taxpayer materially participates important? (Points : 17)

 

(TCO I) Amos, a single individual with a salary of $50,000, incurred and paid the following expenses during the year.

 

6. (TCO I) A review of Bearing’s Year 2 records disclosed the following tax information:

Wages

$ 20,000

Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing’s Year 2 adjusted gross income?

(TCO F) (Becker CPA Review Course, Reg. 1) Smith has an adjusted gross income (AGI) of $140,000 without taking into consideration $40,000 of losses from rental real estate activities. Smith actively participates in the rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income? (Points : 17

 

8. (TCO B) (Becker CPA Review Course Reg. 3) For the year ended December 31, Year 6, Taylor Corp. had a net operating loss of $200,000. Taxable income for the earlier years of corporate existence, computed without reference to the net operating loss, was as follows:

 

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:

 

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? (Points : 17)

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