25) Which of the following assets held by a retail business is a § 1231 asset?
a. Inventory.
b. A machine used in the business and held less than one year.
c. A factory building used in the business and held more than one year.
d. Accounts receivable.
e. All of the above.
26) Both short-term and long-term holding periods, respectively, axe:
a eighteen months or less and more than eighteen months
b twenty four months or less and more than thwenty four months
c six months or less and more than six months
d twelve months or less and more than twelve months
e none of the above
21) Which of the following statements is correct?
a. The purpose of the AMT is to replace the regular income tax.
b. Adjustments can either increase AMTI or decrease AMTL
c. Tax preferences can either increase AMTI or decrease AMTI.
d. Tax preferences can only decrease AMTI.
e. None of the above is correct.
l 8) Terry pays $8,000 this year to become a charter member of Mammoth University's Athletic
Council. The membership ensures that Terry will receive choice seating at all ofManlmoth's
home basketball games. In addition, Terry pays $2,200 (the regular retail price) for season tickets
for himself and his wife. For these items, how much qualifies as a charitable contribution?
a. $6,200
b. $6,400
c. $8,000
d. $10,200
e. None of the above.
25) Which of the following assets held by a retail business is a § 1231 asset?
Answer C) A factory building used in the business and held more than one year.
26) Both short-term and long-term holding periods, respectively, axe:
Answer d) twelve months or less and more than twelve months
21) Which of the following statements is correct?
Answer b) Adjustments can either increase AMTI or decrease AMTL
l 8) Answer b) $6,400 (8000*80% ) = $6,400
25) Which of the following assets held by a retail business is a § 1231 asset?...
Which of the following assets held by a manufacturing business is not a Section 1231 asset? a. Inventory b. A machine used in the business and held for more than one year. c. A factory building used in the business and held for more than one year. d. Land used in the business and held for more than one year.
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
Indicate whether each of the following assets are capital assets, Sec. 1231 assets, or ordinary income property (property which, if sold, results in ordinary income). Assume that all of the property is held for more than one year. a. XYZ Corporation owns land used as an employee parking lot. How is the parking lot classified for tax purposes? b. Montana Corporation owns land held as an investment. How is the land classified for tax purposes? c. John, a self-employed electrician,...
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
Include procedure 1. Brenda is a cash basis taxpayer with the following trans actions during her calendar tax year Cash basis revenue Cash basis expenses, except rent Rent expense (paid on December 1) for use of a building for 6 months $54,000 25,000 12.000 What is the amount of Brenda's taxable income from her business for this tax year? $17,000 $23,000 $25,000 $27,000 None of the above. The answer is, A. В. C. D. E. 2. Ana is acalendaryear taxpayer...
Question 1 (1 point) (1 Point) We assume that the representative consumer's preferences exhibit the properties that Oa) they evolve over time and that more is always preferred to less. Ob) more is sometimes preferred to less and that consumption and leisure are both normal goods c) more is preferred to less and that the consumer prefers diversity d) the consumer likes diversity and that more is sometimes preferred to less. Question 2 (1 point) (1 Point) A good is...
Price Controls and Taxes: Price Supply Pit------- - - - - E DE Demand - Quantity 23) In the figure shown above, if prices go from PI to P3, what could this be due to? a. There is a tax imposed on suppliers per unit sold. b. Demand for the good increases due to an increase in people's incom . c. There is a sales tax imposed on consumers. d a binding price floor is imposed e. Both c and...
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...
Mystique Cosmetics is a privately held(non-Union) giant in the beauty and fragrance retail industry. Headquartered in New York, Mystique also owns more than 60 stores throughout the United States. The company operates under its slogan, “Bringing out the Beauty in Everyone We Touch”. Mystique Cosmetics is a family owned business that caters to different clientele, but mostly high-end customers. Business has been exceptional with revenues exceeding $2 Billion for last 5 years. To establish itself as an important brand, Mystique...