BUSINESS

Question 50

  1. If the above move occurred this year and the employer reimbursed the employee for all expenses:
    a.a.       The deductible portion of the expenses reimbursed is excludible.

    b.
    b.       The entire reimbursement is excluded from income.

    c.
    c.       The deductible portion of the expenses reimbursed is includible.

    d.
    d.       None of the above

1 points  

Question 51

  1. During this year, T, who is under 65, paid the following expenses:
    Medical                                                                             $5,000
    City assessment for repaving the street
    where T’s residence is located                                              800
    Qualified residence interest                                                 3,600
    State income tax                                                                 2,000
    T’s adjusted gross income is $40,000

    51.     T’s medical deduction would be:

    a.a.       $5,000

    b.
    b.       $2,000
    c.
    c.       $1,000

    d.
    d.       Zero

    e.
    e.       None of the above

1 points  

Question 52

  1. The amount of the city assessment included in the itemized deductions is.

    a.a.       It depends

    b.
    b.       $800
    c.
    c.       Zero
    d.
    d.       None of the above

1 points  

Question 53

  1. T’s total itemized deductions based on the above information are:

    a.a.       $11,400

    b.
    b.       $4,600

    c.
    c.       $7,600

    d.
    d.       $6,600

1 points  

Question 54

  1. X Corporation exchanged a warehouse located in New York for a warehouse located in New Jersey.  The adjusted basis of the New York warehouse was $30,000.  The fair market value of the New Jersey warehouse just prior to the exchange was $25,000.  In addition to the warehouse, X Corporation also received $8,000 in cash.

    54.     The amount realized by X Corporation is:

    a.a.       $8,000

    b.
    b.       $33,000

    c.
    c.       $25,000

    d.
    d.       Zero
    e.
    e.       None of the above

1 points  

Question 55

  1. The gain realized by X Corporation is:

    a.a.       $5,000
    b.
    b.       Zero

    c.
    c.       $3,000

    d.
    d.       None of the above

1 points  

Question 56

  1. The gain recognized by X Corporation on the exchange is:

    a.a.       $8,000
    b.
    b.       $3,000

    c.
    c.       Zero

    d.
    d.       None of the above

1 points  

Question 57

  1. The basis for X Corporation in the property received, the warehouse in New Jersey, is:

    a.a.       $33,000
    b.
    b.       $30,000

    c.
    c.       $25,000

    d.
    d.       None of the above

1 points  

Question 58

  1. On August 5, this year, taxpayer (who is under age 55) sells his principal residence with an adjusted basis of $65,000 for $175,000.  He pays $10,500 in commissions and $1,200 in legal fees in connection with the sale.  One month before the sale, taxpayer painted the house at a cost of $1,500 and repaired various items at a cost of $2,500.  On August 15, this year, taxpayer purchases a new home for $125,000.  The taxpayer owned the sold principal residence for more than five years and lived in it for more than two years just prior to the sale.
    58.     The amount realized on the sale of this house is:

    a.a.       $175,000
    b.
    b.       $164,500

    c.
    c.       $163,300

    d.
    d.       Zero

    e.
    e.       None of the above

1 points  

Question 59

  1. The gain realized on the sale of the above house is:

    a.a.       $98,300

    b.
    b.       $99,500

    c.
    c.       $110,000

    d.
    d.       None of the above

1 points  

Question 60

  1. The “adjusted basis” of the old residence for taxpayer is:

    a.a.       $175,000

    b.
    b.       $163,300

    c.
    c.       $161,800
    d.
    d.       $159,300

    e.
    e.       None of the above

1 points  

Question 61

  1. The recognized gain on the sale of the old principal residence is:

    a.a.       Zero
    b.
    b.       $34,300

    c.
    c.       $98,300

    d.
    d.       $50,000

    e.
    e.       None of the above

1 points  

Question 62

  1. The basis of the new residence acquired is:
    a.a.       $54,000

    b.
    b.       $61,000

    c.
    c.       $98,300

    d. d.       $125,000

    e. e.       None of the above

1 points  

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