Acc 307 Midterm Exam 100% Correct Answers

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ACC 307 Midterm Exam 100% Correct Answers
Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acc-307-midterm-exam-100-correct-answers/ Description: Question 1
A characteristic of FUTA is that:
• Question 2
Which of the following statements best describes the history of the Federal income tax?
• Question 3
Taxes not imposed by the Federal government include:
• Question 4
A VAT (value added tax):
• Question 5
Which of the following transactions will decrease a taxing jurisdiction’s ad valorem tax revenue imposed on real estate?
• Question 6
In 2013, Cindy had the following transactions: Salary $90,000
Short-term capital gain from a stock investment 4,000
Moving expense to change jobs (11,000)
Received repayment of $20,000 loan she made to her sister in 2009 (includes no interest) 20,000
State income taxes (5,000)

Cindy’s AGI is:
• Question 7
Millie, age 80, is supported during the current year as follows: Percent of Support
Weston (a son) 20%
Faith (a daughter) 35%
Jake (a cousin) 25%
Brayden (unrelated close family friend) 20%

During the year, Millie lives in an assisted living facility. Under a multiple support agreement, indicate which parties can qualify to claim Millie as a dependent.
• Question 8
Which of the following is a deduction for AGI?
• Question 9
Emily, whose husband died in December 2012, maintains a household in which her dependent mother lives. Which (if any) of the following is her filing status for the tax year 2013? (Note: Emily is the executor of her husband’s estate.)
• Question 10
Which of the following items is deductible?
• Question 11
Our tax laws encourage taxpayers to ____ assets that have appreciated in value…...

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