過去問 Individual Taxation ２

Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the year, accounts receivable were $15,000. What was Mosh's gross taxable income for the current year?
a. $75,000
b. $90,000
c. $100,000
d. $110,000
7878
Solution c
・発生主義ならd

An individual taxpayer reports the following items for the current year:
Ordinary income from partnership A, operating a movie theater in
which the taxpayer materially participates $70,000
Net loss from partnership B, operating an equipment rental business
In which the taxpayer does not materially participate (9,000)
Rental income from building rented to a third party 7,000
Short-term capital gain from sale of stock 4,000
What is the taxpayer's adjusted gross income for the year?
a. $70,000
b. $72,000
c. $74,000
d. $77,000
89811
Solution　c
・Passive activity同士でNet→△2,000
・Passive activityのLossは認められない。

Mock operates a retail business selling illegal narcotic substances. Which of the following item(s) may Mock deduct in calculating business income?
I. Cost of merchandise
II. Business expenses other than the cost of merchandise
a. I only
b. II only
c. Both I and II
d. Neither I nor II
7009
Solution　a
・IllegalでもCostを引いていい。

Adams owns second residence that is used for both personal and rental purposes. During Year 1, Adams used the second residence for 50 days and rented the residence for 200 days. Which of the following statements is correct?
a. Depreciation may not be deducted on the property under any circumstances.
b. A rental loss may be deducted if rental-related expenses exceed rental income.
c. Utilities and maintenance on the property must be divided between personal and rental use.
d. All mortgage interest and taxes on the property will be deducted to determine the property’s net income or loss
7007
Solution　c
・a　貸し出している期間があるから取れる。
・b　Passive activityのLossは取れない。
・d　Allと書いてあるからダメ（自分も使ってた）。

Porter was unemployed for part of the year. Porter received $35,000 of wages, $4,000 from a sate unemployment compensation plan, and $2,000 from his former employer's company-paid supplemental unemployment benefit plan. What is the amount of Porter's gross income?
a. $37,000
b. $38,600
c. $39,000
d. $41,000
8174
Solution　d
・州のUnemployment compensationも一旦Gross Incomeに入れる。

In the current year, Jane won $6,000 in a state lottery. Jane also spent $300 for the purchase of lottery tickets. Jane elected the standard deduction on her current year income tax return. The amount of lottery winnings that should be included in Jane's current year taxable income is
a. $0
b. $2,000
c. $5,700
d. $6,000
1583
Solution　d
・Standard Deductionなので300は取れない。

Baum, an unmarried optometrist and sole proprietor of Optics, buys and maintains a supply of eyeglasses and frames to sell in the ordinary course of business. In Year 1, Optics had $350,000 in gross business receipts and its year-end inventory was not subject to the uniform capitalization rules. Baum's Year 1 adjusted gross income was $90,000 and Baum qualified to itemize deductions. During Year 1, Baum recorded the following information:
Business expenses:
Optics cost of goods sold $35,000
Optics rent expense $28,000
Liability insurance premium on Optics 5,250
Other expenditures:
Baum's self-employment tax $29,750
Baum's self-employment health insurance 8,750
Estimated payments of Year 1 federal income taxes 13,500
What amount should Baum report as Year 1 net earnings from self-employment?
a. $243,250
b. $252,000
c. $273,000
d. $281,750
6791
Solution　d
・COGS、Rent、Liability Insurance Premiumまで。

Easel Co. elected to reimburse employees for business expenses under a nonaccountable plan. Easel does not require employees to provide proof of expenses and allows employees to keep any amount not spent. Under the plan, Mel, and Easel employee for a full year, gets $500 per month for business automobile expenses. At the end of the year Mel informs Easel that the only business expense incurred was for business mileage of 10,000 at a rate of 56.5 cents per mile, the IRS standard mileage rate at the time Mel encloses a check for $350 to refund the overpayment to Easel. What amount should be reported in Mel's gross income for the year?
a. $0
b. $350
c. $5,650
d. $6,000
6792
Solution　d
・10,000ｘ56.5centsは、Misc. Itemized Deduction above 2% of AGI
・Accountableなら非課税

Destry, a single taxpayer, reported the following on his US Individual Income Tax Return Form 1040:
Income:
Wages $ 5,000
Interest on savings account  1,000
Net rental income  4000
Deductions:
Personal exemption $ 3,650
Standard deduction 5,700
Net business loss 20,000
Net short-term capital loss 2000
What is Destry's net operating loss that is available for carrybach or carryforward?
a. $11,000
b. $13,000
c. $20,000
d. $20,350
6796
Solution　a
・InterestはNon-business income
・11,000　→　２ back 20

Cole earned $3,000 in wages, incurred $1,000 in unreimbursed employee business expenses, paid $400 as interest on a student loan, and contributed $100 to a charity. What is Cole's adjusted gross income?
a. $3,000
b. $2,600
c. $2,500
d. $1,600
9954
Solution b
・Unreimbursed employee business expensesはItemized Deductions






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