Homework Answers
A business use car is classified under Section 1245 as it is a business used car.
This section includes property that is subject to depreciation. Used car is subject to depreciation.
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building for a gain of $10,000. The building was purchased 2010. (The sale of I taxpayer was in the 22% bracket T...
Question 17 of 30. Residential rental real estate is classified as what section property? O $179....
Question 17 of 30. Residential rental real estate is classified as what section property? O $179. O $1231 O $1245. O $1250. Mark for follow up
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 21 of 75 During the tax year Julius sold an office building that he had...
Question 21 of 75 During the tax year Julius sold an office building that he had owned and rented to the same tenant for 15 years The building had been depreciated using regular MACRS. Julius sold the building at a gain. On which part of Form 4797 is the sale of the building reported and what IRC Section determines the type of gain? O Part I. S1231 O Part II, $1231. O Part III, § 1245. Part III, § 1250....
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...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question 11 of 75 O $10,000 O $5,000 。$3,000 O $1,000 □Mark for folow up 曰 Question 12 of 75. Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange? O Miranda traded a commercial refrigerator plus $5,000 for Patricia's commercial refrigerator O Lois exchanged a commercial sewing machine for Edwina's commercial sewing machine plus $5,000 in cash. O...
1. Lanai, LP sold a reatal apartment complex for $950,000. Lanai purchased the building in 1991...
1. Lanai, LP sold a reatal apartment complex for $950,000. Lanai purchased the building in 1991 for 2 cast of $700,000 and had dedacted $100,000 in Section 1250 depreciation through date of sale. Lanai should characterize the $350,000 gain recognized on sale as: A. All Section 1231 gain subject to the capital gains tax rate. B. $100,000 as unrecaptured Section 1250 gain and a $250,000 Section 1231 loss. C. All unrecaptured Section 1250 gain. D. $100,000 as unrecaptured Section 1250...
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...
Question 27 of 75 was in the 15% tax bracket, Ben's gain on Ben boughta local...
Question 27 of 75 was in the 15% tax bracket, Ben's gain on Ben boughta local artist's painting for S2 100 Several years later the picture will be taxed at en sold it for S2.700. The year Ben sold the painting. he o 15% 25% 28% 33% Mark for follow up expense must be for the employee's
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? O One Form 6252 reports the entire disposition. O Separate Foms 6252 are completed for each asset O One Form 6252 is completed for the tangible assets,and anotheris complated for intangible asset O Separate Foms 6252 are completed for each asset class and type. □Mark for follow up Question 24 of 75. Which of the following taxpayers would be most likely to...
Nonqualified sale Disqualifying disposition C Mark for follow up Question 27 of 75. A taxpayer brings...
Nonqualified sale Disqualifying disposition C Mark for follow up Question 27 of 75. A taxpayer brings in a Form 1099-B showing $7,521 in net proceeds from the May 20, 2018, sale of non-covered shares What are all of the other items you need to know to report the transaction? The date(s) the asset was acquired and the asset basis on the sale date. O Whether the client sold stocks or mutual funds. O The asset basis on the sale date....
Question 17 of 30. Residential rental real estate is classified as what section property? O $179. O $1231 O $1245. O $1250. Mark for follow up
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 21 of 75 During the tax year Julius sold an office building that he had owned and rented to the same tenant for 15 years The building had been depreciated using regular MACRS. Julius sold the building at a gain. On which part of Form 4797 is the sale of the building reported and what IRC Section determines the type of gain? O Part I. S1231 O Part II, $1231. O Part III, § 1245. Part III, § 1250....
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...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question 11 of 75 O $10,000 O $5,000 。$3,000 O $1,000 □Mark for folow up 曰 Question 12 of 75. Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange? O Miranda traded a commercial refrigerator plus $5,000 for Patricia's commercial refrigerator O Lois exchanged a commercial sewing machine for Edwina's commercial sewing machine plus $5,000 in cash. O...
1. Lanai, LP sold a reatal apartment complex for $950,000. Lanai purchased the building in 1991 for 2 cast of $700,000 and had dedacted $100,000 in Section 1250 depreciation through date of sale. Lanai should characterize the $350,000 gain recognized on sale as: A. All Section 1231 gain subject to the capital gains tax rate. B. $100,000 as unrecaptured Section 1250 gain and a $250,000 Section 1231 loss. C. All unrecaptured Section 1250 gain. D. $100,000 as unrecaptured Section 1250...
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...
Question 27 of 75 was in the 15% tax bracket, Ben's gain on Ben boughta local artist's painting for S2 100 Several years later the picture will be taxed at en sold it for S2.700. The year Ben sold the painting. he o 15% 25% 28% 33% Mark for follow up expense must be for the employee's
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? O One Form 6252 reports the entire disposition. O Separate Foms 6252 are completed for each asset O One Form 6252 is completed for the tangible assets,and anotheris complated for intangible asset O Separate Foms 6252 are completed for each asset class and type. □Mark for follow up Question 24 of 75. Which of the following taxpayers would be most likely to...
Nonqualified sale Disqualifying disposition C Mark for follow up Question 27 of 75. A taxpayer brings in a Form 1099-B showing $7,521 in net proceeds from the May 20, 2018, sale of non-covered shares What are all of the other items you need to know to report the transaction? The date(s) the asset was acquired and the asset basis on the sale date. O Whether the client sold stocks or mutual funds. O The asset basis on the sale date....
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