ACCT 324 Week 5 Quiz

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ACCT 324 Week 5 Quiz, AMT, Tax Credits and Tax Payments

1. (TCO 4) Several years ago, Floyd purchased a structure for $150,000 that was originally placed in service in 1929. In the current year, he incurred qualifying rehabilitation expenditures of $200,000. The amount of the tax credit for rehabilitation expenditures, and the amount by which the building's basis for cost recovery would increase as a result of the rehabilitation expenditures, are the following amounts:

2. (TCO 4) Which, if any, of the following correctly describes the research activities credit?

3. (TCO 4) During the year, Purple Corporation (a U.S. corporation) has U.S.-source income of $900,000 and foreign income of $300,000. The foreign-source income generates foreign income taxes of $100,000. The U.S. income tax before the foreign tax credit is $408,000. Purple Corporation's foreign tax credit is:

4. (TCO 4) Which of the following issues does not need resolution in an employer's effort to comply with employment tax payment requirements?

5. (TCO 4) Which of the following correctly reflects current rules regarding estimated tax payments for individuals?

6. (TCO 5) Prior to the effect of tax credits, Eunice's regular income tax liability is $200,000 and her tentative AMT is $190,000. Eunice has general business credits available of $12,500. Calculate Eunice's tax liability after tax credits.

7. (TCO 5) A factor(s) that can cause the adjusted basis for AMT purposes to be different from the adjusted basis for regular income tax purposes includes the following:

8. (TCO 5) Which of the following are permitted deductions for purposes of the AMT for an individual taxpayer?

9. (TCO 4) Refundable tax credits include:

10. (TCO 4) The maximum amount of the disabled access credit is:

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