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Antonio owns land held for investment with a basis...

Antonio owns land held for investment with a basis of $28,000. The city of Lafayette exercises the right of eminent domain and Antonio receives a payment of $48,000. What is Antonio’s realized gain? A. $0 B. $20,000 C. $28,000 D. $48,000 61) In April 2009 of this year, Emma acquired a machine for $50,000 for use in her business. The machine is classified as 7-year property. Emma elects out of bonus depreciation and does not expense the asset under Sec. 179. Emma’s depreciation on the machine this year is A. $5,000. B. $7,145. C. $10,000. D. $50,000. 62) During the current year, a corporation sells equipment for $300,000 that it had purchased and placed in service in 2007. The equipment cost $270,000, and $60,000 of depreciation deductions was allowed. The results of the sale are A. ordinary income of $90,000. B. Sec. 1231 gain of $90,000. C. ordinary income of $60,000 and LTCG of $30,000. D. ordinary income of $60,000 and Sec. 1231 gain of $30,000. 63) Susie owns a ranch in Wyoming, which Pat offers to purchase. Susie is not willing to sell the ranch but is willing to exchange the ranch for an apartment complex in Louisiana. The complex is available for sale. Pat purchases the apartment complex in Louisiana from Jody and transfers it to Susie in exchange for Susie’s ranch. The ranch and the complex each have a $1,000,000 fair market value. Which of the following is true? A. The transaction qualifies as a like-kind exchange for Pat but not for Susie. B. The transaction qualifies as a like-kind exchange for both Pat and Susie. C. The transaction qualifies as a like-kind exchange for Susie but not for Pat. D. The transaction does not qualify as a like-kind exchange for either Pat or Susie. 64) A married person who files a separate return can claim a personal exemption for his or her spouse if the spouse is not the dependent of another and has A. gross income that is less than the personal exemption. B. adjusted gross income that is less than the personal exemption. C. no gross income. D. no taxable income. 65) Ricky has rented a house from Sarah since last year. The rent is usually $800 per month, but Sarah reduced the monthly rent down to $600 for all 12 months this year in exchange for Ricky constructing an addition to the house. The addition has a fair market value of $3,500. How much total rental income must Sarah report this year? A. $7,200 B. $9,600 C. $10,700 D. $14,200 66) Alex is a calendar-year sole proprietor. He began business on December 1 of this year. He uses the accrual method of accounting. Alex had the following collections in the same month: He collected $7,000 in December from clients who paid cash for services to be performed next year. He collected $5,000 in December for services performed during December, which he deposited in an operating account on December 31 of this year. He collected $9,000 in December on accounts receivable for services performed in December, which he deposited in an operating account on January 2 of next year. What is the amount Alex must include in his income for December? A. $7,000 B. $12,000 C. $14,000 D. $21,000 67) Bianca is beneficiary of an $80,000 insurance policy on her father’s life. Upon his death, she may elect to receive the proceeds in 5 yearly installments of $17,500 or may take the $80,000 lump sum. She elects to take the lump sum payment. What are the tax consequences in year one? A. All $17,500 each year is taxable. B. $7,500 interest is taxable in the first year. C. There is no taxable income. D. $1,500 of the $17,500 payment is taxable each year. 68) Nonrefundable tax credits A. only offset a taxpayer’s tax liability. B. may only be used if the taxpayer is receiving a refund. C. have expired but may be reinstated with new tax legislation. D. allow the excess over the taxpayer’s tax liability to be paid to the taxpayer. 69) Paul makes the following property transfers in the current year: $22,000 cash to his wife, $34,000 cash to a qualified charity, $120,000 house to his son, and $3,000 computer to an unrelated friend. The total of Paul’s taxable gifts, assuming he does not elect gift splitting with his spouse, subject to the unified transfer tax, is A. $107,000. B. $123,000. C. $145,000. D. $179,000. 70) Which of the following best describes the weight of a revenue ruling? A. Revenue rulings carry more weight than regulations. B. Revenue rulings carry more weight than federal court decisions. C. Regulations carry more weight than revenue rulings. D. Revenue rulings should never be used as authority because they only apply to the taxpayer requesting the ruling. 71) Which of the following statements is true? A. A corporation’s fiscal year generally ends on the last day of the month. B. A fiscal year may end on December 31. C. A new corporation can elect a fiscal year that runs from February 16 to February 15 of the following year. D. A corporation’s first tax year must cover a full 12-month period. 72) One consequence of a property distribution by a corporation to a shareholder is A. the amount of the distribution is increased by any liability assumed by the shareholder. B. the holding period of the distributed property includes the holding period of the distributing corporation. C. the shareholder’s basis in the distributed property is the same as the distributing corporation’s basis. D. any liabilities assumed by the shareholder do not reduce the shareholder’s basis. 73) Joshua owns 100% of Steeler Corporation’s stock. Joshua’s basis in the stock is $8,000. Steeler Corporation has E&P of $40,000. If Steeler Corporation redeems 60% of Joshua’s stock for $50,000, Joshua must report dividend income of A. $0. B. $8,000. C. $40,000. D. $50,000. 74) In computing the ordinary income of a partnership, a deduction is allowed for A. net Sec. 1231 losses B. bad debts C. foreign income taxes paid D. charitable contributions 75) Which of the following would terminate a Subchapter S election? A. Estate becomes a shareholder. B. Grantor trust becomes a shareholder. C. Voting trust becomes a shareholder. D. Partnership becomes a shareholder. 76) The function of auditing is A. to locate every financial error B. to provide interested parties with added assurance that the financials are not materially inaccurate C. to provide more precise accounting information for accurate tax reporting D. to locate every dollar misappropriated 77) Auditing is based on the assumption that financial data are verifiable. Data are verifiable when two or more qualified individuals, A. working together, prove, beyond doubt, the data’s accuracy B. working independently, reach similar conclusions C. working independently, prove, beyond doubt, the data’s truthfulness D. working together, agree on the data’s accuracy 78) Statement on Quality Control Standards No. 2 identifies certain quality control elements that should be considered when performing which types of services? A. Auditing, accounting, and review services B. Auditing, tax, and review services C. Accounting, tax, and review services D. Auditing, accounting, and tax services 79) Internal auditors are primarily involved with A. compliance audits B. operational audits C. compliance audits and operational audits D. financial statement audits 80) The statement that the reviewer “is not aware of any material modifications that should be made to the statements in order for them to be in conformity with GAAP” is known as A. reasonable assurance B. negligent performance C. negative assurance D. necessary ignorance 81) The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for all or many accounts and matters that may pertain only to assertions for specific accounts. Which of the following is an example of a pervasive effects matter? A. Complexity of calculations B. Management turnover, reputation, and accounting skills C. Susceptibility to misappropriation D. Sensitivity of operating results to economic factors 86) One of the six steps involved in performing analytical procedures includes the following: A. Understand the role of analytical procedures in planning and performing the audit. B. Understand the relationship between materiality and audit evidence. C. Analyze data and identify significant differences. D. Perform the calculations using industry data. 87) In a normal audit, the relationship between the level of materiality used to plan the engagement and the level of materiality used to evaluate evidence is that A. they must be identical B. the former may be higher or lower than the latter C. the former is higher than the latter D. the former is lower than the latter 88) Use of auditor judgment or of a risk matrix is necessary in revising planned detection risk whenever A. risk assessments are not quantified B. assessed control risk at the account balance level does not support the planned level of control risk C. control risk is assessed above the minimum D. control risk is assessed below the maximum 89) In the audit risk model, audit sampling applies to A. detection risk B. inherent risk and control risk C. control risk and detection risk D. inherent risk and detection risk 90) Audit sampling is involved whenever an auditor A. examines 100% of the population B. makes an inference about a population characteristic based on a partial examination of that population C. performs tests of controls D. performs tests of details 91) How can long-term assets best be tested for ownership? A. Examining documents of title B. Reviewing the ledger to ensure the item is listed C. Inquiring with management D. Reviewing prior year workpapers 92) How can long-term assets best be tested for current present value? A. Reviewing the depreciation schedule for accuracy and completeness B. Physically examining the assets and appraising the assets C. Applying time value of money analysis D. Performing an analytical review 93) Because of the effects of circulation, some audit evidence is more reliable than other evidence. Which of the following is generally considered to be most reliable? A. Purchase requisitions B. Suppliers’ invoices C. Receipted bank deposit slips D. Cutoff bank statements 94) Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle? A. Sales B. Sales returns and allowances C. Inventory D. Accounts receivable


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