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NEW QUESTION: 1
Tom and Joan Moore, both CPAs, filed a joint 1994 federal income tax return showing $70,000 in taxable
income. During 1994, Tom's daughter Laura, age 16, resided with Tom. Laura had no income of her own
and was Tom's dependent.
Determine the amount of income or loss, if any that should be included on page one of the Moores' 1994
Form 1040.
In 1992, Joan received an acre of land as an inter-vivos gift from her grandfather. At the time of the gift,
the land had a fair market value of $50,000. The grandfather's adjusted basis was $60,000. Joan sold the
land in 1994 to an unrelated third party for $56,000.
A. $1,300
B. $2,000
C. $1,250
D. $1,000
E. $75,000
F. $900
G. $10,000
H. $3,000
I. $2,500
J. $50,000
K. $55,000
L. $500
M. $1,500
N. $25,000
O. $0
Answer: O
Explanation:
Explanation
"A" is correct. $0. Property received by gift has two bases: one for computing gain and another for
computing loss. Joan's basis for gain is the grandfather's adjusted basis ($60,000). Using this basis for
gain, Joan has a loss of: $56,000 - $60,000 = ($4,000 loss). Joan's basis for loss is the fair market value
of the property on the date of the gift ($50,000). Using this basis for loss, Joan has a gain of: $56,000 -
$ 50,000 = $6,000 gain. In this unusual situation, Joan has neither a gain nor a loss, although the
transaction must be reported.
NEW QUESTION: 2
各アダプタをその特性に合わせます。
Answer:
Explanation:
NEW QUESTION: 3
A cost-volume-profit model developed in a dynamic environment determined that the estimated parameters used may vary between limits. Subsequent testing of the model with respect to all possible values of the estimated parameters is termed:
A. A time-series study.
B. Statistical hypothesis testing.
C. A sensitivity analysis.
D. Statistical estimation.
Answer: C
Explanation:
After a problem has been formulated into any mathematical model, it may be subjected to sensitivity analysis. Sensitivity analysis is a method for studying the effects of changes in one or more variables on the results of a decision model.
NEW QUESTION: 4
A. Option D
B. Option A
C. Option B
D. Option C
Answer: C
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