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(WGU C237) ACCT 3360 - Taxation I - Final Assessment Guide $13.49
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(WGU C237) ACCT 3360 - Taxation I - Final Assessment Guide

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(WGU C237) ACCT 3360 - Taxation I - Final Assessment Guide (WGU C237) ACCT 3360 - Taxation I - Final Assessment Guide (WGU C237) ACCT 3360 - Taxation I - Final Assessment Guide (WGU C237) ACCT 3360 - Taxation I - Final Assessment Guide

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  • September 2, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
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  • wgu c237 acct 3360 taxation i final assessme

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C237 ACCT 3630



Taxation I




FINAL ASSESSMENT GUIDE




© WGU 2024/2025

,1. Which section of the Internal Revenue Code deals with the
taxation of partnerships?
A. Section 721
B. Section 761
C. Section 703
D. Section 199A
Answer: B (Section 761)
Rationale: Section 761 provides the general rules for the taxation
of partnerships.


2. Under U.S. tax law, what is the maximum capital loss that an
individual taxpayer can deduct against ordinary income in a single
tax year?
A. $1,000
B. $3,000
C. $5,000
D. Unlimited
Answer: B ($3,000)


© WGU 2024/2025

, Rationale: Individual taxpayers can deduct a maximum of
$3,000 in capital losses against ordinary income each year.


3. Which of the following forms is used to report foreign income
for U.S. taxpayers?
A. Form 1040
B. Form 8938
C. Form 8949
D. Form 1099
Answer: B (Form 8938)
Rationale: Form 8938 is used to report specified foreign
financial assets.


4. Under IRC Section 179, what is the maximum amount that can
be expensed for qualifying property placed in service during the
2022 tax year?
A. $1,050,000
B. $1,080,000
C. $1,140,000
D. $1,160,000
Answer: C ($1,140,000)
Rationale: For the 2022 tax year, the maximum deduction under
Section 179 is $1,140,000.
© WGU 2024/2025

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