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TAx chapter 8 quiz




Question;Attempt 1;Written: Oct 9, 2014 3:43 PM - Oct 9, 2014 3:52 PM;Submission View;Your quiz has been submitted successfully.;Ch. 8 TF;Question 1 1;/ 1 point;All listed property is subject to the substantiation;requirements of ? 274.;True;False;Question 2 1;/ 1 point;Residential rental real estate includes property where 80%;or more of the net rental revenues are from nontransient dwelling units.;True;False;View Feedback;Question 3 1;/ 1 point;Any ? 179 expense amount that is carried forward is subject;to the business income limitation in the carryforward year.;True;False;Question 4 1;/ 1 point;If startup expenses total $53,000 in 2014, $51,000 is;amortized over 180 months.;True;False;View Feedback;Question 5 1;/ 1 point;Percentage depletion enables the taxpayer to recover more;than the cost of an asset.;True;False;View Feedback;Ch. 8 MC;Question 6 0;/ 1 point;In 2013, Gail had a ? 179 deduction carryover of $30,000. In;2014, she elected ? 179 for an asset acquired at a cost of $115,000. Gail?s;179 business income limitation for 2014 is $140,000. Determine Gail?s ? 179;deduction for 2014.;$25,000.;$35,000.;$40,000.;$55,000.;None of the above.;View Feedback;Question 7 0;/ 1 point;Which of the following assets would be subject to cost;recovery?;A painting by Picasso hanging on a doctor?s office wall.;An antique vase in a doctor?s waiting room.;Landscaping around the doctor?s office.;a., b., and c.;None of the above.;Question 8 0;/ 1 point;Mary purchased a new five-year class asset on March 7, 2014.;The asset was listed property (not an automobile). It was used 60% for business;and the rest of the time for personal use. The asset cost $90,000. Mary made;the ? 179 election. The income from the business before the ? 179 deduction was;$60,000. Mary does not take additional first-year depreciation (if available).;Determine the total deductions with respect to the asset for 2014.;$10,800.;$18,000.;$30,800.;$60,000.;None of the above.;View Feedback;Question 9 0;/ 1 point;On May 2, 2014, Karen placed in service a new sports utility;vehicle that cost $60,000 and has a gross vehicle weight of 6,300 lbs. The;vehicle is used 60% for business and 40% for personal use. Determine the cost;recovery for 2014. Karen wants to maximize her deductions.;$7,200.;$25,000.;$26,800.;$37,000.;None of the above.;View Feedback;Question 10 0;/ 1 point;Howard?s business is raising and harvesting peaches. On;March 10, 2014, Howard purchased 10,000 new peach trees at a cost of $60,000.;Howard does notmake an election to expense assets under ? 179 and does not take;additional first-year depreciation (if available). Determine the cost recovery;deduction for2014.;$1,532.;$3,000.;$12,000.;$31,500.;None of the above.


Paper#39791 | Written in 18-Jul-2015

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