Call us 24/7: + 1(925)399 0085

Get your paper done by an expert

No matter what kind of academic paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcer. Save more time for yourself.

WhatsApp + 1(925)399 0085
$ 10
free
  • bibliography
  • title page
  • revisions
per page
19 k happy customers
4.7 out of 5 satisfaction rate
27 writers active

NJCU ACCT604 Ch 11 quiz

· Question 1

2 out of 2 points

A taxpayer is considered to be a material participant in a significant participation activity if he or she spends at least 400 hours in the activity.

· Question 2

2 out of 2 points

Art’s at-risk amount in a passive activity was $60,000 at the beginning of 2012. His loss from the activity in 2012 is $80,000, and he had no passive activity income during the year. Art had $20,000 of passive income from the activity in 2013. Under the passive loss rules, Art’s suspended loss at the end of 2013 is:

· Question 3

2 out of 2 points

All of a taxpayer’s tax credits relating to a passive activity can be utilized when the activity is sold at a loss.

· Question 4

2 out of 2 points

In 2013, Arnold invests $80,000 for a 20% interest in a partnership in which he is a material participant. The partnership incurs a loss with $100,000 being Arnold’s share. Which of the following statements is incorrect?

· Question 5

2 out of 2 points

In 2013, Joanne invested $90,000 for a 20% interest in a limited liability company (LLC) in which she is a material participant. The LLC reported losses of $340,000 in 2013 and $180,000 in 2014. Joanne’s share of the LLC’s losses was $68,000 in 2013 and $36,000 in 2014. How much of these losses can Joanne deduct?

· Question 6

2 out of 2 points

Gail exchanges passive Activity A, which has suspended losses of $15,000, for passive Activity B in a nontaxable exchange. The new owner of passive Activity A can offset the $15,000 suspended losses against passive income in the future.

· Question 7

2 out of 2 points

Nell sells a passive activity with an adjusted basis of $45,000 for $105,000. Suspended losses attributable to this property total $45,000. The total gain and the taxable gain are:

· Question 8

2 out of 2 points

Kate dies owning a passive activity with an adjusted basis of $100,000. Its fair market value at that date is $130,000. Suspended losses relating to the property were $45,000.

· Question 9

2 out of 2 points

Paula owns four separate activities. She elects not to group them together as a single activity under the “appropriate economic unit” standard. Paula participates for 130 hours in Activity A, 115 hours in Activity B, 260 hours in Activity C, and 100 hours in Activity D. She has one employee, who works 125 hours in Activity D. Which of the following statements is correct?

Question 10

2 out of 2 points

Maria, who owns a 50% interest in a restaurant, has been a material participant in the restaurant activity for the last 20 years. She retired from the restaurant at the end of last year and will not participate in the restaurant activity in the future. However, she continues to be a material participant in a retail store in which she is a 50% partner. The restaurant operations produce a loss for the current year, and Maria’s share of the loss is $80,000. Her share of the income from the retail store is $150,000. She does not own interests in any other activities.

Our guarantees

Study Acers provides students with tutoring and help them save time, and excel in their courses. Students LOVE us!No matter what kind of essay paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcers. Save more time for yourself. Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Our Homework Writing Disciplines

With a highly diverse team in almost all academic fields including: