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Acc 547 Final Exam

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This work of ACC 547 Final Exam shows the solutions to the following questions:

1) A family with $45,000 in assets and $22,000 of liabilities would have a net worth of

2) A budget deficit would result when a person's or family's

3) The payment items that should be budgeted first are

4) Which of the following statements regarding tax credits is true?

5) The tax base for an individual tax return is

6) Which of the following statements regarding exemptions is correct?

7) Which of the following has the lowest authoritative weight?

8) Which of the following has the highest authoritative weight?

9) Jaime recently found a "favorable" trial level court opinion directly on point for her tax question. Which trial level court would he prefer to have issued the opinion?

10) Sam saved diligently for his college education by putting part of his pay into U.S. Series EE saving bonds. Sam purchased the bonds for $6,500, and this year he redeemed the bonds for $7,200. He has no other income this year. What amount must Sam include in his gross income?

11) Jill currently lives in the suburbs and commutes 25 miles to her office in downtown Freeport. She is considering quitting her current job to look for new employment in the downtown. Which of the following statements best describes how Jill can satisfy the distance test for deducting moving expenses if she accepts a new job in downtown Freeport?

12) Congress allows self-employed taxpayers to deduct the cost of health insurance above the line (for AGI) because

13) Jim was in an auto accident this year. Jim paid $2,450 to repair his car after the accident, and his insurance only reimbursed him $400. Jim bought his car several years ago for $15,000. What casualty loss deduction from this accident can Jim combine with his other casualty losses in computing his itemized deduction...

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