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USCPA冲刺练习：SIM填空题解析（3）

来源：高顿网校 2015-11-02

　　Golden is self-employed as a human resources consultant and reports on the cash basis for income tax purposes. Golden is an unmarried custodial parent with one dependent child. Listed below are Golden’s 2013 business and non-business transactions, as well as possible tax treatments. For each of Golden’s transactions (Items 1 through 25), select the appropriate tax treatment. A tax treatment may be selected once, more than once, or not at all.

　　Tax treatments

　　A. Taxable as other income on Form 1040.

　　B. Reported in Schedule B—Interest and Dividend Income.

　　C. Reported in Schedule C as trade or business income.

　　D. Reported in Schedule E—Supplemental Income and Loss.

　　E. Not taxable. F. Fully deductible on Form 1040 to arrive at adjusted gross income.

　　G. Fifty percent deductible on Form 1040 to arrive at adjusted gross income.

　　H. Reported in Schedule A—Itemized Deductions (deductibility subject to threshold of 10% of adjusted gross income).

　　I. Reported in Schedule A—Itemized Deductions (deductibility subject to threshold of 2% of adjusted gross income).

　　J. Reported in Form 4562—Depreciation and Amortization and deductible in Schedule A—Itemized Deductions (deductibility subject to threshold of 2% of adjusted gross income).

　　K. Reported in Form 4562—Depreciation and Amortization, and deductible in Schedule C—Profit or Loss from Business.

　　L. Fully deductible in Schedule C—Profit or Loss from Business.

　　M. Partially deductible in Schedule C—Profit or Loss from Business.

　　N. Reported in Form 2119—Sale of Your Home, and deductible in Schedule D—Capital Gains and Losses.

　　O. Not deductible.

　　1. Retainer fees received from clients

　　2. Oil royalties received.

　　3. Interest income on general obligation state and local government bonds.

　　4. Interest on refund of federal taxes.

　　5. Death benefits from term life insurance policy on parent.

　　6. Interest income on US Treasury bonds.

　　7. Share of ordinary income from an investment in a limited partnership reported in Form 1065, ScheduleK-1.

　　8. Taxable income from rental of a townhouse owned by Golden

　　9. Prize won as a contestant on a TV quiz show.

　　10. Payment received for jury service.

　　11. Dividends received from mutual funds that invest in tax-free government obligations

　　12. Qualifying medical expenses not reimbursed by insurance.

　　13. Personal life insurance premiums paid by Golden

　　14. Expenses for business-related meals where clients were present

　　15. Depreciation on personal computer purchased in2013 used for business.

　　16. Business lodging expenses, while out of town.

　　17. Subscriptions to professional journals used for business.

　　18. Self-employment taxes paid.

　　19. Qualifying contributions to a simplified employee pension plan.

　　20. Election to expense business equipment purchased in 2013.

　　21. Qualifying alimony payments made by Golden.

　　22. Subscriptions for investment-related publications.

　　23. Interest expense on a home-equity line of credit for an amount borrowed to finance Golden’s business.

　　24. Interest expense on a loan for an auto used 75% for business

　　25. Loss on sale of residence.

　　解析：

　　C - 1. Retainer fees received from clients

　　D - 2. Oil royalties received.

　　E - 3. Interest income on general obligation state and local government bonds.

　　B - 4. Interest on refund of federal taxes.

　　E - 5. Death benefits from term life insurance policy on parent.

　　B - 6. Interest income on US Treasury bonds.

　　D - 7. Share of ordinary income from an investment in a limited partnership reported in Form 1065, ScheduleK-1.

　　D - 8. Taxable income from rental of a townhouse owned by Golden

　　A - 9. Prize won as a contestant on a TV quiz show.

　　A - 10. Payment received for jury service.

　　E - 11. Dividends received from mutual funds that invest in tax-free government obligations

　　H - 12. Qualifying medical expenses not reimbursed by insurance.

　　O - 13. Personal life insurance premiums paid by Golden

　　M - 14. Expenses for business-related meals where clients were present

　　K - 15. Depreciation on personal computer purchased in2013 used for business.

　　L - 16. Business lodging expenses, while out of town.

　　L - 17. Subscriptions to professional journals used for business.

　　G - 18. Self-employment taxes paid.

　　F - 19. Qualifying contributions to a simplified employee pension plan.

　　K - 20. Election to expense business equipment purchased in 2013.

　　F - 21. Qualifying alimony payments made by Golden.

　　I - 22. Subscriptions for investment-related publications.

　　L - 23. Interest expense on a home-equity line of credit for an amount borrowed to finance Golden’s business.

　　M - 24. Interest expense on a loan for an auto used 75% for business

　　O - 25. Loss on sale of residence.

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