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Related Flashcards
Cards In This Set
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Difference between corporate vs. U.S Treasury bond?
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Treasury bond always pay periodically
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In 20x8 Erin had the following Capital Gain/Loss, $2,000 LTCG, $25,000 STCG, ($9,000) LTCL, ($15,000) STCL.
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$3,000 NSTCG
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1. Ms. Fresh bought 1,000 of stock for $5,000 on 1-15-09 and sold all 1,000 shares on 12-31-11 for $4,500 and then bought 1,000 stocks on 1-23-12 for 3,000.
What is recognized loss on 2011 of 1,000 shares?
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$0 LTCL and $3,500 basis
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1. Bill would like some tax benefit for his expenses incurred this yr. His AGI= $190,000 currently his expenses consist of (1) $1,000 advisement fees, (2) $1,500 unreimbursed employee business (miscellaneous itemized) and (3) $600 tax return preparation fees.
How much more, if any, must Bill spend on investment expenses before he receives any tax benefit?
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More than $700
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What are the correct Loss limitation rules?
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Tax basis, @ risk amount, passive loss limits
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1. Sue Invested 5,000 in ABC limited partnership and received 10% interest in partnership. Partnership had 20,000 of qualified non recoverage debt so 20,000 not responsible to repay.
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$2,000 disallowed because of her @risk amount
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1. Which taxpayer would not be material participant?
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Taxpayer who participated 995 hours last year
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1. Which W-4 related answer is incorrect?
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(A) Form can only be adjusted @ beginning or start of employment only
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1. Jim owns 4 separate activities and elects not to group them as single, Jim participates 140 hrs in activity A, 130 hrs in activity B, 240 hrs in activity C, 100 hrs in activity D. He also has one employee who works 130 hrs in activity D. Which is correct?
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Jim is material participant of only activities A B and C.
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1. Maren received 10 NQ’s which each had 10 shares for $8. When she started working price was $6
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(A) 700
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1. Which is date when stock options are awarded to employee?
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Grant date
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1. Tom recently received 2,000 shares of restricted stock from his employer, independence corp., when the share price was $10/share. Ricks restricted shares vested 3 years later when the market price was $14. Rick held the shares for a little more than a year and sold them when the market price was $20. What is the amount of Tom’s income or loss on the vesting date?
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$28,000
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1. Which of the following is “false” regarding a section 83(b) election?
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If an employee leaves before the vesting date any loss is limited to $3,000
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1. Which of the following is not an example of a taxable fringe benefit?
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$200 Of employer provided parking
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Which of the following does not qualify as a “for the convenience of the employer” nontaxable fringe benefit?
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A company picnic
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