Solution:
Computer used exclusively in a regular place of business that was placed in service on July 27, 2018 will not be considered as a listed property, because listed property includes "Computers and related peripheral equipment placed in service before January 1, 2018, unless used only at a regular business establishment, and owned or leased by the person operating the establishment.:
Hence 2nd option is correct.
Mark for follow up Question 21 of 75. Which of the following items are NOT listed property? OAirplane, bus, Lyft...
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
Question 15 of 30. Which of the following assets is considered listed property under $280F? O A police car, used 75% for business. O A computer with 75% business use, located at the taxpayer's business establishment O A cell phone, used 75% for business. Video recording equipment used 75% for business, located in the taxpayer's home. Mark for follow up Next >> Summary Save / Return Later « Back
Mark for follow up Question 32 of 75. For partnerships, the qualified business income (ABI) items reported on Schedule K-1 should include the Section 102A business income, the W-2 wages of any qualified trade or business, and: The adjusted basis of qualified property The unadjusted basis of qualified property.?. The adjusted basis of qualified property and guaranteed payments made to the partners. The unadjusted basis of qualified property and guaranteed payments made to the partners in lieu of salary. W...
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...
Depreciation claimed. Cash received in an exchange. Mark for follow up Question 2 of 30. Which of these items decreases basis in an asset? The cost of capital improvements The cost of restoration after a casualty. Depreciation claimed. O Cash paid in an exchange. Mark for follow up Question 3 of 30. Brenda purchased a business for $120,000 and received a building, FMV $80,000; land, FMV $10,000; and furniture and fixtures, FMVS of these items? $82,500 building: $12,500 land: $35,000...
Mark for follow up Question 44 of 75. Marie purchased a rental house on March 1 of last year, it was vacant when she bought it. She decided to paint the interior and install new carpeting before showing the property to potential tenants. The work was completed on April 11. That same day, Marie put out a vacancy sign and began showing the property to prospective tenants. She received a signed lease from a new tenant on May 28, and...
the ring is $18,000 $13,000 $10,700 $5,000 Mark for follow up Question 15 of 75. Tyron purchased his primary residence for $260,000. As part of the closing procedure, he paid $2,300 in a origination fee, $750 to a lawyer to review the purchase contract and other closing papers, $150 for a prop and $800 for title insurance. He also gave the real estate agent a $75 gift basket in appreciation for his han Tyron's basis in the residence is $260,950...
Mark for follow up Question 49 of 75. Mario purchased a rental house on March 1 of last year. It was vacant when she bought it. She decided to paint the interior and install new carpeting before showing the property to potential tenants. The work was completed on April 11. That same day, Marie put out a vacancy sign and began showing the property to prospective tenants. She received a signed lease from a new tenant on May 28, and...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include: Depreciation, amortization, and depletion. Government penalties paid, political expenses, and 50% of deductible meals. Political expenses, depreciation, and 50% of deductible meals. 50% of meals and 100% of entertainment, depletion, and government penalties paid Mark for follow up Question 33 of 75. On a partner's Schedule K-1, Item L: lers basis in the partnership Mark for follow up Question 34 of 75. All of...
Mark for follow up Question 21 of 75. Which business is the best example of a limited partnership? O Joe and Darryl operate a music studio and are both personally liable for the debts of the business. O Ken and Sherry operate an ice cream parlor and are both personally liable for the debts of the business. Susan works in the O Michael operates a television repair shop and is personally liable for the debts of the business. Keith gave...