ACCT 553
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ACCT 553 FINAL EXAM
- Exam (elaborations) • 13 pages • 2021
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ACCT 553 Final Exam 
 
(TCO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as: 
(TCO D) Which of the following is an example of a nontaxable like-kind exchange? 
(TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses: 
• Personal credit card interest: $5,000 
• Home mortgage interes...
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