Homework Answers
Answer:
Correct answer is:
Net gain from a casualty gain on a dump truck held for two years
Explanation:
Net gain from a casualty gain on a dump truck held for two years, is casualty gain and hence it is ordinary income.
All other options given are eligible for section 1231 treatment.
As such option B is correct and other options A, C and D are incorrect.
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Question 13 of 75. Which of the following examples of business-use property is NOT eligible for...
Which of the following examples of business use property is NOT eligible for section 1231 treatment...
Which of the following examples of business use property is NOT eligible for section 1231 treatment when sold at a gain? a. Sale of land held for three years b. Net gain from a casualty gain on a dump truck held for two years c. Sale of a leasehold held for more than a year d. Sale of dairy cattle held for 14 months
Which of the following examples of business use property in not eligible for section 1231 treatment...
Which of the following examples of business use property in not eligible for section 1231 treatment when sold at gain
Question 13 of 75. A business use car held long-term and sold at a LOSS is...
Question 13 of 75. A business use car held long-term and sold at a LOSS is treated as what Section property? O s179 O s1231 s1245 O $1250 Mark for folow up Question 14 of 75. lund is S/5,000. She incumed $5,000 in will she report the sale? expenses releted to the sale. The boyer pas Ruth sold land she parchased three months earier for use in her business Horo assumed Rut's $25.000 morigage on the property. What is the...
In an exchange Archie gave up his fully depreciated business use dump truck (DMV 15,000) and...
In an exchange Archie gave up his fully depreciated
business use dump truck (DMV 15,000) and 5000 for a newer business
use dump truck (DMV 20,000) The exchange was completed on January
12, 2018. Which of the following statements is TRUE In regard to
Archies exchange of business property?
1) Archie will not be 5defer a gain on his ex
The arrest lose the prod The next future yestos Last years and ending with from the h o use Mark...
Question 40 of 75. Leon sold residential rental property he had owned for three years. As...
Question 40 of 75. Leon sold residential rental property he had owned for three years. As part of this sale, Leon realized gain on the sale of the rental house he was depreciating using regular MACRS. Which Code section describes the gain on the LAND? 。51231 。51245. O §1250. O §1254. Question 13 of 75 In January 2015, Sue purchased and placed into service a $20,000 piece of equipment for exclusive use in her business Since then, she claimed a...
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...
explain pls! _6. Gary sold business equipment in the current year for a $50,000 net gain...
explain pls!
_6. Gary sold business equipment in the current year for a $50,000 net gain (after taking into account any depreciation recapture). The equipment was originally purchased two years ago and was classified as a Section 1231 asset. This was the only asset sale for the year. Five years ago, Gary had a $60,000 net Section 1231 loss but he has not had any Section 1231 transactions since then. For the current year, Gary's net Section 1231 gain is...
Question 13 of 75. In January 2015, Sue purchased and placed into service a $20,000 piece...
Question 13 of 75. In January 2015, Sue purchased and placed into service a $20,000 piece of equipment for exclusive use in her busines. Since then, she claimed a $6,000 Section 179 deduction and $6,654 MACRS depreciation. She sold the equipment in November 2017 for $7,000. What is the amount and type of gain or loss, and where on Form 4797 does Sue report the sale? O $346 $1231 loss, Part I O $346 $1231 gain, Part. O $346 $1245...
Question 13 of 75. Ruth sold land she purchased three months earlier for use in her...
Question 13 of 75. Ruth sold land she purchased three months earlier for use in her business. Her cost (and adjusted basis) in the land is $75,000. She incurred $5,000 in expenses related to the sale. The buyer paid $80,000 cash and assumed Ruth's $25,000 mortgage on the property. What is the amount of her gain, and where on Form 4797 will she report the sale? O $25.000, Part 1 O $25,000, Part II $30,000, Part 111 O $30,000, Part...
explain pls 3. Which of the following is true of Section 1202 qualified small business stock...
explain pls
3. Which of the following is true of Section 1202 qualified small business stock (QSBS)? a. The stock must be held for more than two years to receive the most favorable tax treatment. b. The gain exclusion is 100 % and is unlimited in amount. c. The corporation must be a domestic C or S corporation. d. The stockholder must have acquired the stock from the corporation for money, property, or services. I 600 4. Campos sold equipment...
Question 13 of 75. A business use car held long-term and sold at a LOSS is treated as what Section property? O s179 O s1231 s1245 O $1250 Mark for folow up Question 14 of 75. lund is S/5,000. She incumed $5,000 in will she report the sale? expenses releted to the sale. The boyer pas Ruth sold land she parchased three months earier for use in her business Horo assumed Rut's $25.000 morigage on the property. What is the...
In an exchange Archie gave up his fully depreciated
business use dump truck (DMV 15,000) and 5000 for a newer business
use dump truck (DMV 20,000) The exchange was completed on January
12, 2018. Which of the following statements is TRUE In regard to
Archies exchange of business property?
1) Archie will not be 5defer a gain on his ex
The arrest lose the prod The next future yestos Last years and ending with from the h o use Mark...
Question 40 of 75. Leon sold residential rental property he had owned for three years. As part of this sale, Leon realized gain on the sale of the rental house he was depreciating using regular MACRS. Which Code section describes the gain on the LAND? 。51231 。51245. O §1250. O §1254. Question 13 of 75 In January 2015, Sue purchased and placed into service a $20,000 piece of equipment for exclusive use in her business Since then, she claimed a...
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...
explain pls!
_6. Gary sold business equipment in the current year for a $50,000 net gain (after taking into account any depreciation recapture). The equipment was originally purchased two years ago and was classified as a Section 1231 asset. This was the only asset sale for the year. Five years ago, Gary had a $60,000 net Section 1231 loss but he has not had any Section 1231 transactions since then. For the current year, Gary's net Section 1231 gain is...
Question 13 of 75. In January 2015, Sue purchased and placed into service a $20,000 piece of equipment for exclusive use in her busines. Since then, she claimed a $6,000 Section 179 deduction and $6,654 MACRS depreciation. She sold the equipment in November 2017 for $7,000. What is the amount and type of gain or loss, and where on Form 4797 does Sue report the sale? O $346 $1231 loss, Part I O $346 $1231 gain, Part. O $346 $1245...
Question 13 of 75. Ruth sold land she purchased three months earlier for use in her business. Her cost (and adjusted basis) in the land is $75,000. She incurred $5,000 in expenses related to the sale. The buyer paid $80,000 cash and assumed Ruth's $25,000 mortgage on the property. What is the amount of her gain, and where on Form 4797 will she report the sale? O $25.000, Part 1 O $25,000, Part II $30,000, Part 111 O $30,000, Part...
explain pls
3. Which of the following is true of Section 1202 qualified small business stock (QSBS)? a. The stock must be held for more than two years to receive the most favorable tax treatment. b. The gain exclusion is 100 % and is unlimited in amount. c. The corporation must be a domestic C or S corporation. d. The stockholder must have acquired the stock from the corporation for money, property, or services. I 600 4. Campos sold equipment...
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