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FIN 516 Week 3 HomeWork
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FIN 516 Week 3 HomeWork

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1. (TCO B) In which of the following situations may taxpayers file as married filing jointly? (Becker CPA Review Course)

2. (TCO F) A business bad debt is deductible for tax purposes as a(n):

3. (TCO I) Which of the following is subject to the Uniform Capitalization Rules of Code Sec. 263A? (Becker CPA Review Course)

4. (TCO A) Which of the following does not constitute tax evasion?

5. (TCO C) Which of the following items is not subject to federal income tax?

6. (TCO B) Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift, and Sam is neither insolvent nor bankrupt. Which of the following statements is correct concerning the impact of this transaction?

7. (TCO I) David, a cash basis taxpayer, owns two rental properties. Based on the following information, compute the amount that he must include in his 2012 gross rental income.


Property #1, security deposit on one-year lease received 2/1/12
All of deposit returned at lease end: $1,000
Property #1, payment received 2/1/12 for last month of lease(1/13): $900
Property #1, rental income received in 2012 2/12-12/12: $8,000 
Property #2, rental income received in 2012 1/12-12/12: $9,600
Property #2, security deposit received 1/1/12 to be used for last month's rent: $800
Property #2, rent 1/13 received 12/28/12: $800

8. (TCO F) Section 197's intangible assets, such as patents and trademarks, are amortized for tax purposes over:

9. (TCO E) Explain the assignment of income doctrine (AID) and the fruit of the tree doctrine. What role does the AID play in our federal income tax system, and what could be done to avoid or reduce income taxes if the AID did not exist?

10. (TCO G) Answer the following questions concerning tax laws.

a. What roles do the U.S. Constitution and U.S. Congress play in creating the tax law? 
b. What does the common body of tax law (CBOTL) consist of? Briefly explain how a tax bill becomes a tax law. 
c. What role does the Internal Revenue Service play in interpreting, and providing guidance on, the tax law? What types of tax law guidance are published by the IRS?

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