1. Sam, is the sole shareholder of Acme's Corp, which has been an S corporation since inception. This year Acme has a loss of 75,000. Sam's adjusted basis in his stock before any effects from the loss was $50,000. As a result Sam's personal tax return will include a:

   		$75,000 loss
   		$50,000 loss
   		$25,000 loss
   		Zero loss
   		None of the above

1.3334 points

QUESTION 2

1. Contributions may be made to an IRA on behalf of a non-working spouse

   True

   False

1.3334 points

QUESTION 3

1. In order for an increase in the value of property to affect your tax liability there must be:

   		A disposition of the asset
   		A holding period in excess of one year
   		An involuntary conversion
   		All of the above
   		None of the above