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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 8 Quiz 6 Solutions and ACC 307 Week 8 Quiz 6 Course. Our main motive is that our students should pass their exams with flying colors. ACC 307 Week 8 Quiz 6 Study Material and ACC 307 Week 8 Quiz 6 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 8 Quiz 6

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Course Detail:

  • Question 1

Sandra is single and does a lot of business entertaining at home. Because Arthur, Sandra’s 80¬year old dependent grandfather who lived with Sandra, needs medical and nursing care, he moved to Twilight Nursing Home. During the year, Sandra made the following payments on behalf of Arthur:

Room at Twilight$4,500

Meals for Arthur at Twilight850

Doctor and nurse fees700

Cable TV service for Arthur’s room107


Twilight has medical staff in residence. Disregarding the AGI floor, how much, if any, of these expenses qualify for a medical deduction by Sandra?




  • Question 2

Joseph and Sandra, married taxpayers, took out a mortgage on their home for $350,000 15 years ago. In May of this year, when the home had a fair market value of $450,000 and they owed $250,000 on the mortgage, they took out a home equity loan for $220,000. They used the funds to purchase a single engine airplane to be used for recreational travel purposes. What is the maximum amount of debt on which they can deduct home equity interest?



  • Question 3

Byron owned stock in Blossom Corporation that he donated to a museum (a qualified charitable organization) on June 8 this year. What is the amount of Byron’s deduction assuming that he had purchased the stock for $10,500 last year on August 7, and the stock had a fair market value of $13,800 when he made the donation?



  • Question 4

Barry and Larry, who are brothers, are equal owners in Chickadee Corporation. On July 1, 2014, each loans the corporation $10,000 at an annual interest rate of 10%. Both shareholders are on the cash method of accounting, while Chickadee Corporation is on the accrual method. All parties use the calendar year for tax purposes. On June 30, 2015, Chickadee repays the loans of $20,000 together with the specified interest of $2,000. How much of the interest can Chickadee Corporation deduct in 2014?



  • Question 5

In Lawrence County, the real property tax year is the calendar year. The real property tax becomes a personal liability of the owner of real property on January 1 in the current real property tax year (assume this year is not a leap year). The tax is payable on June 1. On May 1, Reggie sells his house to Dana for $350,000. On June 1, Dana pays the entire real estate tax of $7,950 for the year ending December 31. How much of the property taxes may Reggie deduct?



  • Question 6

Rick, a computer consultant, owns a separate business (not real estate) in which he participates. He has one employee who works part-time in the business.



  • Question 7

During the current year, Ethan performs personal services as follows:800 hours in his information technology consulting practice, 625 hours in a real estate development business, and 510 hours in a condominium leasing operation.He expects that losses will be realized from the two real estate ventures while his consulting practice will show a profit.Ethan files a joint return with his wife whose salary is $125,000.The income and losses from the following ventures is considered active and not subject to the passive loss limitations:



  • Question 8

Judy incurred $58,500 of interest expense this year related to her investments. Her investment income includes $15,000 of interest, $9,000 of qualified dividends, and a $22,500 net capital gain on the sale of securities. The maximum amount of Judy’s investment interest expense deduction for the year is:



  • Question 9

Ahmad owns four activities. He participated for 120 hours in Activity A, 150 hours in Activity B, 140 hours in Activity C, and 100 hours in Activity D. Which of the following statements is correct?



  • Question 10

Tara owns a shoe store and a bookstore. Both businesses are operated in a mall. She also owns a restaurant across the street and a jewelry store several blocks away.


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