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Mgt 495

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State University of New York at Oswego
School of Business

|ACC 330 |Dean Crawford |
|Income Tax Accounting I |Office: 328 Rich Hall |
|Fall 2011 |Phone: 312-3561 |
| |E-mail: dean.crawford@oswego.edu |

Final Exam
December 12 and 14, 2011

| |Name: |SOLUTION | |

• This exam has four questions worth a total of 100 points. You have two hours to complete it.

• This exam booklet is seven pages long, not counting this title page. Please check to make sure your booklet is complete.

• Please put your answers in the spaces provided in the exam booklet. Partial credit may be available, but only if you show precisely how you arrived at your answer. No credit is deducted for purely arithmetic errors.

• You may use a calculator, your text book, and any other materials you bring with you.

• Good luck! •
| |Name: |SOLUTION |

I. (25 points) Janice experienced two calamities in 2011. First, on June 13, a fire damaged her home and some of the contents. A painting valued at $15,000 was destroyed. Also her sofa and a portion of the house were damaged. Janice does not have estimates of the changes in value of the sofa and house, but the cost to restore them to

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