A owns a 3-unit apartment building for which he receives $300 per month per unit. Two of them were rented for the entire year. The 3rd unit was occupied from January1 to April 30. 2007. On vacating the unit, the tenant was not refunded his security deposit of $500 due to necessary repairs. The unit was subsequently rented for one year beginning August 1, 2007. On August 1, 2007, the new tenant paid the first and last month's rent and a refundable security of $500. What is A's rental income?

Noika Corporation, a calendar year accrual basis corporation, made cash charitable contributions totaling $40,000 during 2007. Prior to determining its charitable contribution deduction, Noika Corporation had a taxable income of $300,000 after a dividends-received deduction of $42,000. What is the amount of Noika‘s current year Charitable contribution deduction for 2007?

Dick is the sole shareholder of CB Enterprises, Inc. He received a $100 dividend distribution from his corporation in 2007. The current earnings of the corporation were $1,000. What reporting requirements apply to this distribution?

____ is also called a corporate portal.

Which of the following is correct with respect to depreciation recapture when a property is used for trade or business?

Which of these expenses would generally be allowable as deductions in determining the taxable estate in the Federal Estate Income Tax Return (Form 706)?

A taxpayer purchased a rental property for $200,000. The taxpayer paid $50,000 as cash down payment and got it financed for $150,000. The closing costs were $10,000 and points were $8,000. What is his basis in the property?

Which of the following is not allowed as a deductible moving expense?