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Do you work hard to achieve good grades, but does not get success at that level? Studentwhiz has found out a simple yet interesting way to help its students achieve good grades by learning in a smart way through University of Phoenix ACC 307 Week 11 Quiz 9 Solutions and ACC 307 Week 11 Quiz 9 Course. Our main motive is that our students should pass their exams with flying colors. ACC 307 Week 11 Quiz 9 Study Material and ACC 307 Week 11 Quiz 9 Guide are also been provided so that students can learn from them. On our learning portal you will get study material which is 100% updated and imparted by our experts.

ACC 307 Week 11 Quiz 9

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Course Detail:

  • Question 1

Cason is filing as single and has 2014 taxable income of $36,000 which includes $34,000 of 0%/15%/20% net long- term capital gain. What is his tax on taxable income using the alternative tax method?

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  • Question 2

Red Company had an involuntary conversion on December 23, 2014. The machinery had been acquired on April 1, 2012, for $49,000 and its adjusted basis was $14,200. The machinery was completely destroyed by fire and Red received $10,000 of insurance proceeds for the machine and did not replace it. This was Red’s only casualty or theft event for the year. As a result of this event, Red initially has:

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  • Question 3

Vertigo, Inc., has a 2014 net § 1231 loss of $64,000 and had a $32,000 net § 1231 gain in 2013. For 2014, Vertigo’s net § 1231 loss is treated as:

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  • Question 4

Gold Company signs a 13-year franchise agreement with Silver. Silver retained significant powers, rights, and a continuing interest. Gold Company (the franchisee) makes non contingent payments of $18,000 per year for the first four years of the franchise. Gold Company also pays a contingent fee of 2% of gross sales every month. Which of the following statements is correct?

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  • Question 5

Which of the following statements is correct?

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  • Question 6

Copper Corporation sold machinery for $47,000 on December 31, 2014. The machinery had been purchased on January 2, 2011, for $60,000 and had an adjusted basis of $41,000 at the date of the sale. For 2014, what should Copper Corporation report?

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  • Question 7

Which of the following comparisons is correct?

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  • Question 8

A worthless security had a holding period of 6 months when it became worthless on December 10, 2014. The investor who had owned the security had a basis of $20,000 for it. Which of the following statements is correct?

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  • Question 9

White Company acquires a new machine for $75,000 and uses it in White’s manufacturing operations. A few months after White places the machine in service, it discovers that the machine is not suitable for White’s business. White had fully expensed the machine in the year of acquisition using § 179. White sells the machine for $60,000 in the tax year after it was acquired, but held the machine only for a total of 10 months. What was the tax status of the machine when it was disposed of and the amount of the gain or loss?

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  • Question 10

Ramon is in the business of buying and selling securities. Which of the following is a capital asset for Ramon?

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