Donna owns a cleaning service.Reed，a c...

单项选择题Donna owns a cleaning service.Reed，a customer，receives Donna’s bill for October 2018services of $65on October 31，2018.Reed pays the $65on January 4，2019 I.If Donna is a cash-basis taxpayer，she recognizes the income in2019.II.If Donna is an accrual-basis taxpayer，she will recognize the $65in 2018.III.Donna will recognize the $65in 2018regardless of accounting method，because that is when she earned the income.（）

A.Only statement I is correct
B.Only statement II is correct
C.Only statement III is correct
D.Statements I and II are correct
E.Statements I and III are correct.

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1.单项选择题Which of the following taxes paid by Trevor Products，Inc.can be deducted during 2018？ I.Real estate taxes. II.Sales tax on purchase of new equipment.（）

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct

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2.单项选择题 Ferris inherited State of Florida general-purpose bonds worth $2，400from his grandfather in 2016.He received $120interest on the bonds in 2016，2017and 2018.In 2017，he sells the bonds for a gain of $300.Ferris excludes the value of the bonds received and the bond interest，but must include a $300capital gain in his 2018gross income.Which of the following Concepts，Constructs，and/or Doctrines form.the basis for this treatment？（）
I.Capital Recovery Concept
II.Legislative Grace Concept
III.Constructive Receipt Doctrine
IV.Realization Concept

A.Statements I and II are correct
B.Statements I and IV are correct
C.Statements II，III，and IV are correct
D.Statements I，II，and III are correct
E.Statements I，II，and IV are correct

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3.单项选择题 Paul won the Nobel Prize for Literature.He is awarded $1，000，000.His tax situation is
I.In general，the award must be included in gross income.（）
II.The award may be excluded if he gives it to a qualified charity.
III.The award may be excluded if he gives it to the U.S.Government.IV.Awards for literary achievement are not taxable.

A.Only statement I is correct
B.Only statement II is correct
C.Only statements I，II，and III are correct
D.Only statement IV is correct
E.Only statements I，II，and IV are correct

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4.单项选择题Marta finds a chest inscribed ’Jack Sparrow’that contains $750，000of cash while diving among the coral reefs off Key West，Florida.The US Customs and the DEA denied knowledge of the cash，so Marta keeps it. I.Recognition will not occur because the windfall would not be considered as ’derived from capital or from labor.’ II.The All-inclusive Income Concept explains the recognition of the cash as income. （）

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct

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5.单项选择题Which of the following events is a ’casualty’loss？I.Diamonds stolen by thief，reported to policeII.Florida orange trees killed by a freeze.（）

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct

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6.单项选择题A passive activity I.includes any trade or business in which a taxpayer does not materially participate. II.includes rentals of apartment buildings, rental houses, etc., where no significant personal services are involved.()

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct

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7.单项选择题Stephen is a furniture salesman for Foster’s Furniture Mart.Stephen purchases a bedroom suite from Foster’s for $8，000.The sticker price is $11，000.Foster’s policy is to ’discount’all customer purchases for up to $1，000off of the sticker price for purchases over $10，000.What is the tax treatment of Stephen’s furniture purchase？ I.Stephen does not need to account for the furniture purchase since it is for his personal use. II.Stephen has imputed income because of the nature of the furniture purchase. （）

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct

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8.单项选择题Limited liability refers to（）

A.whether the entity ceases to exist with a change in ownership
B.who manages the entity
C.whether the owners are risking any more than they invested in the firm
D.the ease with which ownership can be transferred

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9.单项选择题Hannah is an employee of Bolero Corporation.Bolero pays the medical insurance premiums of all of its employees.Because of large deductible levels and limitations on the payment of certain medical expenses，the basic health insurance policy does not cover all medical costs.During the current year，Bolero adopted a Flexible Benefits Plan that employees can contribute into to pay for any medical expenses not covered by insurance.Hannah pays $2，650into the plan during the current year.Premiums paid by Bolero for Hannah’s medical insurance were $5，000. I.Hannah’s gross income from her Bolero salary is reduced by the $2，650payment into the Flexible Benefits Plan. II.Amounts paid for medical costs by the medical insurance policy are excluded from Hannah’s gross income. （）

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct

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10.单项选择题Terri is driving down a road when she sees that Sonny is having trouble changing a tire.Terri stops and helps Sonny.As Sonny is leaving，he gives Terri $50and thanks her.What are the effects of the $50receipt？ I.The $50is a gift because it is from detached and disinterested generosity.II.The $50is compensation received for services rendered.（）

A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct.

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