Homework Answers
answer: A cell phone, used 75% for business
As per the section 280F, listed property includes
- Passenger cars and other transportation vehicles
- Cell phones
- Boats
- Airplanes
The new law removed computer and peripheral equipment, photo and video equipment from the definition of listed property, recently.
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Question 15 of 30. Which of the following assets is considered listed property under $280F? O...
Mark for follow up Question 21 of 75. Which of the following items are NOT listed property? OAirplane, bus, Lyft...
Mark for follow up Question 21 of 75. Which of the following items are NOT listed property? OAirplane, bus, Lyft vehicle mataorcycle, taxi, tran Uber vehicle Computer used exclusively in a regular place of business that was placed in service on July 27, 2018. Photographic, phonographic, communication and video recording equipment Computer used exclusively in a regular place of business that was placed in service on January 12, 2017 Mark for follow up S5,000 Mark for follow up Question 21...
Question 21 of 75 Which of the following items are NOT listed property? Airplane, bus, Lyft vehicle, motorcycle, tax...
Question 21 of 75 Which of the following items are NOT listed property? Airplane, bus, Lyft vehicle, motorcycle, taxi, train, Uber vehicle Computer used exclusively in a regular place of businesss that was placed in service on July 27, 2018. Photographic, phonographic, communication and video recording equipment. Computer used exclusively in a regular place of business that was placed in service on January 12, 2017. Mark for follow up
O 10% Mark for follow up Question 24 of 75. Which of the following best describes...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
Question 33 of 75 Which of the following is NOT a recovery period under Modified Accelerated...
Question 33 of 75 Which of the following is NOT a recovery period under Modified Accelerated Cost Recovery System (MACRS O 7 years. O 10 years. O 12 years. O 15 years. □Mark for follow up Sa Save / Return Later Summary Next >» « Back
Question 20 of 75. Which of the following statements is correct with regard to unrecaptured $1250...
Question 20 of 75. Which of the following statements is correct with regard to unrecaptured $1250 gain? Unrecaptured 51256 gain is: Taxed at 28% capital gains tax rate or the taxpayer's lower tax rate applicable Taxed at 25% capital gains tax rate or the taxpayer's lower tax rate, if applicable O Taxed at 18% capital gains tax rate or the taxpayer's lower tax rate, if applicable Taxed at O capital gains tax rate or the taxpayer's lower tax rate. If...
Considered a home, it must juma party no more than the greater of 182 days or...
Considered a home, it must juma party no more than the greater of 182 days or 50% Rented out for the lesser of 30 days or 10% of the total number of Used for personal purposes during the tax year for more than the Rented to a third party at fair rental value for 15 days or more the days used personally. the property is rented at fair rental value. terol 14 days or 10% of the total number of...
Last year's loss and ending with losses mul O The eariest loss in the five-year period...
Last year's loss and ending with losses mul O The eariest loss in the five-year period O The next future years losses O Last year's loss and ending with losses from the third previous year. from the previous Mark for follow up Question 21 of 75. Which of the following statements is correct with regard to unrecaptured §1250 gain? Unrecaptured § 1250 gain is: O Taxed at 28% capital gains tax rate or the taxpayer's lower tax rate, if applicable....
Question 55 of 75. The Tax Code requires substan all of the fol purpose/business relationshi O...
Question 55 of 75. The Tax Code requires substan all of the fol purpose/business relationshi O Expenses are clearly ordinary and necessary O The employer provides an advance to the employee. O The standard meal rate is used for travel meals and travel mea O The owing--the amount of the expense, the time, place, or description, and business XCEPTwhen: Is are the only expense Form 2108 reimbursement is from a nonaccountable plan, and the employee deducts the expenses on Mark...
50 $1,600 $2.288 $3,041 Mark for follow up Question 71 of 75 Calculate actual vehicle expenses...
50 $1,600 $2.288 $3,041 Mark for follow up Question 71 of 75 Calculate actual vehicle expenses for Salomon a small business owner whose income is reported on Schedule C. He drove 24.531 miles in his fully depreciated 2009 Miata. The vehicle is used solely for business. His expenses include • $2,453 gas • $320 oil changes • SPOD insurance . $105 personal property tax 598 tolls and parking - $45 parking ticket • $75 auto club $2.977 $3,877 $3.952 $3.997...
Question 23 of 75. How is the installment sale of an entire business reported on the...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? One Form 6252 reports the entire disposition. O Separate Forms 6252 are completed for each asset. O One Form 625 O Separate Forms 6252 are completed for each asset class and type. 2 is completed for the tangible assets, and another is completed for intangible assets. Mark for follow up L ue uplele fo éach asset class and type. □Mark for follow...
Mark for follow up Question 21 of 75. Which of the following items are NOT listed property? OAirplane, bus, Lyft vehicle mataorcycle, taxi, tran Uber vehicle Computer used exclusively in a regular place of business that was placed in service on July 27, 2018. Photographic, phonographic, communication and video recording equipment Computer used exclusively in a regular place of business that was placed in service on January 12, 2017 Mark for follow up S5,000 Mark for follow up Question 21...
Question 21 of 75 Which of the following items are NOT listed property? Airplane, bus, Lyft vehicle, motorcycle, taxi, train, Uber vehicle Computer used exclusively in a regular place of businesss that was placed in service on July 27, 2018. Photographic, phonographic, communication and video recording equipment. Computer used exclusively in a regular place of business that was placed in service on January 12, 2017. Mark for follow up
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
Question 33 of 75 Which of the following is NOT a recovery period under Modified Accelerated Cost Recovery System (MACRS O 7 years. O 10 years. O 12 years. O 15 years. □Mark for follow up Sa Save / Return Later Summary Next >» « Back
Question 20 of 75. Which of the following statements is correct with regard to unrecaptured $1250 gain? Unrecaptured 51256 gain is: Taxed at 28% capital gains tax rate or the taxpayer's lower tax rate applicable Taxed at 25% capital gains tax rate or the taxpayer's lower tax rate, if applicable O Taxed at 18% capital gains tax rate or the taxpayer's lower tax rate, if applicable Taxed at O capital gains tax rate or the taxpayer's lower tax rate. If...
Considered a home, it must juma party no more than the greater of 182 days or 50% Rented out for the lesser of 30 days or 10% of the total number of Used for personal purposes during the tax year for more than the Rented to a third party at fair rental value for 15 days or more the days used personally. the property is rented at fair rental value. terol 14 days or 10% of the total number of...
Last year's loss and ending with losses mul O The eariest loss in the five-year period O The next future years losses O Last year's loss and ending with losses from the third previous year. from the previous Mark for follow up Question 21 of 75. Which of the following statements is correct with regard to unrecaptured §1250 gain? Unrecaptured § 1250 gain is: O Taxed at 28% capital gains tax rate or the taxpayer's lower tax rate, if applicable....
Question 55 of 75. The Tax Code requires substan all of the fol purpose/business relationshi O Expenses are clearly ordinary and necessary O The employer provides an advance to the employee. O The standard meal rate is used for travel meals and travel mea O The owing--the amount of the expense, the time, place, or description, and business XCEPTwhen: Is are the only expense Form 2108 reimbursement is from a nonaccountable plan, and the employee deducts the expenses on Mark...
50 $1,600 $2.288 $3,041 Mark for follow up Question 71 of 75 Calculate actual vehicle expenses for Salomon a small business owner whose income is reported on Schedule C. He drove 24.531 miles in his fully depreciated 2009 Miata. The vehicle is used solely for business. His expenses include • $2,453 gas • $320 oil changes • SPOD insurance . $105 personal property tax 598 tolls and parking - $45 parking ticket • $75 auto club $2.977 $3,877 $3.952 $3.997...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? One Form 6252 reports the entire disposition. O Separate Forms 6252 are completed for each asset. O One Form 625 O Separate Forms 6252 are completed for each asset class and type. 2 is completed for the tangible assets, and another is completed for intangible assets. Mark for follow up L ue uplele fo éach asset class and type. □Mark for follow...
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