FEDERAL INCOME TAXATION ACCT4331

MID-TERM #1
Spring 2008
SOLUTIONS
Instructions: This exam is open-book only. No
other papers,
notes, etc., may be on the desk in front of you or
referred to.
You may use an approved calculator (4-function
or math). All
phones, pagers and other communication devices
must be
turned off and put away. Clearly mark your
answers on BOTH
the scantron AND on your test, and do so with a
#2 pencil.
SHOW ALL WORK to receive credit. Guesses on
problems
that show no work will be given a zero. All
answers must
reflect current tax law which we have been
referring to this
semester. Extra paper is available if you need
any. Both this
exam, any extra sheets given out AND your
scantron must be
turned in. There are 20 MC questions, each with
a value of
2%, and 10 problems worth 60%, for a total of
100%.
Signing this page indicates that you have not
cheated and
will not cheat in any way including discussing
this exam with
anyone else in class prior to turning in all
corrections. This
includes discussing any part of this exam with
individuals
who have not yet taken the exam.
Good luck!
1FEDERAL INCOME TAXATION ACCT4331
MID-TERM #1
Spring 2008
SOLUTIONS
Instructions: This exam is open-book only. No
other papers,
notes, etc., may be on the desk in front of you or
referred to.
You may use an approved calculator (4-function
or math). All
phones, pagers and other communication devices
must be
turned off and put away. Clearly mark your
answers on BOTH
the scantron AND on your test, and do so with a
#2 pencil.
SHOW ALL WORK to receive credit. Guesses on
problems
that show no work will be given a zero. All
answers must
reflect current tax law which we have been
referring to this
semester. Extra paper is available if you need
any. Both this
exam, any extra sheets given out AND your
scantron must be
turned in. There are 20 MC questions, each with
a value of
2%, and 10 problems worth 60%, for a total of
100%.
Signing this page indicates that you have not
cheated and
will not cheat in any way including discussing
this exam with
anyone else in class prior to turning in all
corrections. This
includes discussing any part of this exam with
individuals
who have not yet taken the exam.
Good luck!
1