Question

28. On June 6, 2017, Abbas bought a computer for $50,000 for business use. This was the only purchase for that year. Abbas used the most accelerated depreciation method available but did not elect Sec. 179. Bonus depreciation was not available. Abbas sells the machine in 2018. The depreciation on the computer for 2018 is

A) $2,400.

B) $6,600.

C) $8,000.

D) $16,000.

29. Juan acquires an oil and gas property interest for $500,000. Juan expects to recover 100,000 barrels of oil. Intangible drilling and development costs are $125,000 and are charged to expense. Other expenses are $50,000. During the year, 20,000 barrels of oil are sold for $650,000. Juan's depletion deduction is

A) $100,000.

B) $112,500.

C) $160,000.

D) $600,000.

30) Daniel recognizes $35,000 of Sec. 1231 gains and $25,000 of Sec. 1231 losses during the current year. The only other Sec. 1231 item was a $4,000 loss three years ago. This year, Daniel must report

A)

NLTCG	Ordinary Income
$10,000	$0

B)

NLTCG	Ordinary Income
$6,000	$4,000

C)

NLTCG	Ordinary Income
$4,000	$6,000

D)

NLTCG	Ordinary Income
$4,000	$10,000

Answer 1

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