Susan runs a consulting business. The gross receipts for the tax year are $60,000 and the net profit is $45,000. In addition, Susan received $25,000 as wages. She also received stock dividends of $2,000, Municipal Bond interest Of $4,000 and savings account interest of $1,000. What is her adjusted gross income?

Maggi and Philip are web developers. They went into business together and decided that the corporation structure would be in their best interest.

John along with his spouse Nancy started a new consulting business in partnership. They share profits and losses in the ratio 6:4 respectively. They file a joint return as a married couple at the end of the year. Which of the following is true when they need to report the income and expenses of the consulting business?

Which of the following is not a credit against gross estate tax in determining net estate tax?

Wash sale occurs when you sell or trade stocks at a loss and

Mosh's basis in S Corporation stock was $100,000 before adjusting for the current year activity. After consideration of each of the items below, what is Mosh's basis in his S Corporation stock?

What amount of taxable income must be reported in the 2007 Income Tax Return for Estate and Trusts (Form 1041)?

Which of the following need not be met for a child to qualify as a dependent?

ABC Corporation is preparing Schedule M-1 of its Form 1120, US. Corporate Income Tax Return. Which of the following statements is incorrect with regard to the preparation of Schedule M-1?

John made several stock sales during 2007. Determine the net capital gain or loss for the following transactions:

In 2007, ABC Inc. had gross receipts of $45,300from the sale of videos, dividends of $32,500 from a domestic corporation in which ABC, Inc. owned 50% of the stock. and operating expenses of $75,000. What is the net operating loss of the ABC Inc. in 2007?