Which of the following interest-free loans is subject to the imputed interest rules (i.e., interest must be imputed on the loan)?I.Marilyn loans $24,000 to her grandmother and she uses the money to pay personal expenses and take a vacation.Her grandmother's sole income is from Social Security.II.Pineview Corporation loans $20,000 to Catherine, an employee.Catherine uses the proceeds as a down payment on a house.Catherine's net investment income for the year is $ 300.III.Scott loans $65,000 to his son.His son uses the money to open a new business.During the current year, the business shows a loss and his son has no other sources of income.IV.Alaric Corporation loans $27,000 to its principal shareholder.The shareholder uses the funds to buy additional shares of stock in Alaric.The shareholder is deemed to receive $8,500 of dividends from Alaric during the year.()
:A.Only statement II is correct
B.Only statements I and III are correct
C.Only statements II and IV are correct
D.Only statements I and IV are correct
E.Only statements II and III are correct.
第1题
ll receive $200,000 annually, plus interest at 8%, from 2019 through2021.Arnold will recognize no gross income on this sale in 2018.Which of the following determines this treatment?( )
:A.Administrative Convenience Concept
B.All-inclusive Income Concept
C.Ability-To-Pay Concept
D.Claim of Right Doctrine
E.Wherewithal -to-Pay Concept
第2题
held as an investment at a loss of $7,000 and some stock at a gain of $11,000.Anna's adjusted gross income is:( ).
:A.$42,000
B.$46,000
C.$50,000
D.$53,000
第3题
retirement dinner for her long years of service.The employer has a tradition of giving awards to some retiring employees, but has no qualified plan.I.$400 is excludable from Janelle's Gross Income.II.The $500 is excludable even if her employer only gives awards to its top executives.( )
:A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct
第4题
to provide transportation to a job site.II.A car used for personal purposes.III.An apartment building rented out for the production of rental income.IV.A personal-use computer of the taxpayer.( )
:A.Only statement II is correct
B.Statements II and IV are correct
C.Only statement I is correct
D.Statements I and III are correct
E.All of the assets are depreciable
第5题
Determine the year-end adjusted basis of Roberto's 1/2 interest in theHalifax Partnership.At the beginning of the year, Roberto's adjustedbasis is $80, 000.The net operating profit of the partnership is$90, 000.Also, Halifax distributes $15,000 of cash to Roberto.( )
:A.$65,000
B.$110,000
C.$140,000
D.$155,000
E.$185,000
第6题
The Business Purpose Concept meansI.that the economic purpose of the
transaction must exceed the tax avoidance motive.II.that the taxpayer's dominant motive for an expenditure is to reduce taxation.( )
:A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct
第7题
A.Congress
B.The Secret Service
C.The Federal Reserve Bank
D.The Treasury Department
E.The Federal Bureau of Investigation
第8题
emiums of all of its employees.Because of large deductible levels and limitations on the payment of certain medical expenses, the basic health insurance policy does not cover all medical costs.During the current year, Silvertone adopted a Cafeteria Plan funded entirely by Silvertone.The plan provides for $3,000 per employee, and Cindy elects $2,500 for her medical costs not covered by the basic policy.She takes the remaining $500 in cash.Actual payments for Cindy’s medical care of $1,500 are made from the Cafeteria Plan.I.Cindy's gross income is increased by the $1,000 of the $2,500 allocation not used for
additional medical expenses.II.Cindy’s gross income is increased by the $1,500 paid out of the Cafeteria Plan.( )
:A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct
第9题
The Data Company employs John and Jesse.John has worked for Data for
4 years, whereas Jesse has worked for the company for only 18 months.Both are 27 years old.I.John must be eligible to participate in Data’s qualified pension plan.II.Jesse must be eligible to participate in Data’s qualified pension plan.( )
:A.Only I is correct
B.Only II is correct
C.Both statements are correct
D.Neither statement is correct
第10题
Rosa is a single parent who maintains a home in Durham in which she and her 16-year-old daughter, Maria, reside.She also provides most of the support for her son, Carmelo, age 25, who is a full-time student at Duke Law School, lives at home, and earns $3,500 as a part-time waiter at a local diner.Which of the following statements is true related to Rosa's tax return?( )
:A.Neither Maria or Carmelo is a qualifying child of Rosa's
B.Both Maria and Carmelo are qualifying children of Rosa's
C.Maria is a qualifying relative while Carmelo is a qualifying child of Rosa's
D.Carmelo is a qualifying relative while Maria is a qualifying child of Rosa's
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