ACCT 324 Final Exam

ACCT 324 DEVRY FINAL EXAM LATEST

ACCT 324 DeVry Final Exam Latest

ACCT 324 DeVry Week 8 Final Exam Latest

1. (TCOs 2 and 3) On January 1, 2012, Jasmine made a $50,000 interest-free loan to her son, Jason, who used the money to retire a mortgage on his personal residence. Jason’s only sources of income were a salary of $75,000 and $1,500 interest income on a savings account. The relevant federal interest rate was 6%. Based on the above information, for 2012, _____. (Points : 5)

Jason is not required to recognize the interest income from the bank account.

Jasmine must recognize $3,000 interest income from the loan

Jasmine must recognize $1,500 interest income from the loan

Jasmine must recognize $3,045 interest income from the loan

Jasmine recognizes no imputed interest income from the loan

Question 2.2. (TCOs 3, 4, 5, and 7) Which of the following is not a requirement for alimony deductions under post-1984 decrees and agreements? (Points : 5)

The payments must end on the death of the payee.

The payments must be in cash.

The payor and the payee may not live in the same household at the time of the payments as long as they ACCT 324 DeVry are divorced.

The decree must specify that the payments are alimony.

None of the above

Question 3.3. (TCOs 3, 4, 5, and 7) Maxwell owns 2,000 shares of stock in Falcon Corporation, worth $50 per share. The 2,000 shares were purchased in 2003 for $10 per share. In 2012, the corporation issued a 30% stock dividend get more info to all common shareholders with an option of receiving either the click here stock or $30,000. Maxwell selected the stock. What is Maxwell’s gross income from the above? (Points : 5)

$0

$6,000

$30,000

Maxwell can elect to recognize income of $30,000 or reduce his basis in the stock by $30,000.


Tags: ACCT 324 DEVRY FINAL EXAM LATEST,ACCT 324, ACCT 324 DeVry, ACCT 324 DeVry Final Exam, ACCT 324 Final Exam, ACCT324, ACCT324DeVry, ACCT324DeVryFinalExam, ACCT324FinalExam.


 

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Comments on “ACCT 324 Final Exam”

Leave a Reply

Gravatar