Suppose you are provided the data for the following survey questions given to working-age adults: 1)  How would you describe your current employment status ____ Employed full-time    ____Employed part-time    ____Unemployed ____Other   2)  What is the highest level of education that you have completed? ____Elementary school ____Middle school ____High school ____2-year College degree ____Trade School ____Four year college degree ____Graduate college degree   3)  What is your age in years?   _____   Given these questions, what technique would be best for investigating the how well education level and age predict whether a person is employed full-time?

Suppose you are trying to measure the annual sales of X brand potato chips.  To measure this you ask the following question in a survey:         “Roughly how many bags (of any size) of  X brand potato chips do you purchase in a given year?    _______bags   Which of the following is true?

Congratulations! You’ve finished the final exam for TAX 4143. If you could describe your experience in this course using just one word, what word would you choose?

Note: use the following fact pattern for the next two questions.   Alberto owns 25 percent of Sycamore, an S corporation. At the beginning of the year, Alberto’s basis in his stock was $30,000, his share of Sycamore’s accumulated adjustments account (AAA) was $25,000, and his share of Sycamore’s earnings and profits from prior C corporation years (accumulated E&P) was $15,000. Then, during the year, Alberto was allocated $12,500 of ordinary income and Sycamore made a nonliquidating distribution to Alberto of $50,000.   How much of the distribution is taxable to Alberto as a dividend?

Nicole and Paula each own 50 percent of Magnolia, an S corporation. Magnolia reported the following revenues and expenses:   Sales revenue – $720,000 Cost of goods sold – ($200,000) Depreciation expense (MACRS) – ($12,000) Sec. 179 expense – ($44,000) Long-term capital gains – $8,000 Qualified dividends – $5,000 Nontaxable interest income – $3,000 Salaries to owners – ($120,000) Employee wages (excluding salaries to owners) – ($50,000)   In addition, Nicole and Paula each received distributions of $10,000 from Magnolia.   Which of the following items is not a separately stated item allocated to Nicole?

Alberto owns 25 percent of Sycamore, an S corporation. At the beginning of the year, Alberto’s basis in his stock was $30,000, his share of Sycamore’s accumulated adjustments account (AAA) was $25,000, and his share of Sycamore’s earnings and profits from prior C corporation years (accumulated E&P) was $15,000. Then, during the year, Alberto was allocated $12,500 of ordinary income and Sycamore made a nonliquidating distribution to Alberto of $50,000.   What is Alberto’s basis in his Sycamore stock after the distribution?

Alex is a partner with a 30 percent capital and profits interest in Maple, a limited partnership, when he sells his entire interest on January 1 for $110,000. At the time of the sale, Alex’s basis in the partnership is $60,000.   If Maple has $30,000 of unrealized receivables at the time of the sale, what is the amount and character of Alex’s gain or loss on the sale of his interest?

The tax basis balance sheet for Boxelder, a general partnership on the cash method of accounting, includes the following assets and liabilities on January 1 of this year:     Fair value Adjusted basis Assets:     Cash $180,000 $180,000 Accounts receivable $60,000 $0 Land $90,000 $120,000 Total $330,000 $300,000       Liabilities:     Mortgage $24,000 $24,000 Total $24,000 $24,000   Wanda, a partner with a 33.33 percent capital and profits interest, sells her entire partnership interest to Valerie for $102,000 cash plus the assumption of her share of Boxelder’s liabilities.   What is Valerie’s beginning basis in her 33.33 percent capital and interest in Boxelder?

Dodder is a plant that lacks chloroplasts and chlorophyll.  Is it capable of fixing CO2?

Which of the following is a feature of both chloroplasts and mitochondria?