Question 40 of 75. Leon sold residential rental property he had owned for three years. As...
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 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 hou $1231 $1245. 0 $1250 $1254 Mark for follow up Question 41 of 75. Rosa replaced a broken heating and air conditioning unit in one of her rental houses. How will this expense be reported on schedule As a repair, deducted as a current expense As an improvement depreciated over 15...
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? a. Part l, §1231 b. Part ll, § 1231 c. Part lll, §1245 d. Part lll, §1250
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 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...
Test - Advanced Dispositions: Recapture and installment Sales (2019) Section 7 Question 16 of 30. Isaac sold residential rental property he had owned for three years. As part of this sale, Isaac realized gain on tie vie of the rental house he was depreciating using regular MACRS. Which Code section describes the tax treatment for the LAND sale? O $179. O $1231. O $1245. O $1250
a MACR O During the tax year Julius sold an office building that he had owned and rested to the same for 15 years. The building had been deprecated using part of Form 4797 is the sale of the building reported and what Section determines the type of gam? Parti, 51231 Part 51221 Partill, 51245 Part 51250.
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...
Ken sold a rental property for $640,000. He received $152,000 in the current year and $122,000 each year for the next four years. Of the sales price, $535,000 was allocated to the building and the remaining $105,000 was allocated to the land. Ken purchased the property several years ago for $438,000. When he initially purchased the property, he allocated $340,000 of the purchase price to the building and $98,000 to the land. Ken has claimed $22,000 of depreciation deductions over...
Ken sold a rental property for $860,000. He received $128,000 in the current year and $183,000 each year for the next four years. Of the sales price, $582,500 was allocated to the building and the remaining $277,500 was allocated to the land. Ken purchased the property several years ago for $660,000. When he initially purchased the property, he allocated $570,000 of the purchase price to the building and $90,000 to the land. Ken has claimed $15,000 of depreciation deductions over...