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 ACCT 324 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 are divorced.
The decree must ACCT 324 Final Exam 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 more info 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 to all common shareholders with an option of receiving either the stock or $30,000. Maxwell selected the stock. What is Maxwell’s gross income from the above? (Points : 5)
Maxwell can elect to recognize income of $30,000 or reduce his basis in the stock by $30,000.
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