Accounting Incremental Analysis Multiple Choice Questions And Answers Homework Help
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1) Beth’s business purchased only one asset during the current year. It placed in service machinery (7-year property) on December 1 with a basis of $50,000. Calculate the maximum depreciation expense (ignoring Section 179 or bonus expensing):
2) Bateman Corporation sold an office building that it used in its business for $800,000. Bateman bought the building ten years ago for $600,000 and has claimed $200,000 of depreciation expense. What is the amount and character of Bateman’s gain or loss?
A. $400,000 capital gain
B. $200,000 ordinary and $200,000 Section 1231 gain
C. $40,000 ordinary and $360,000 Section 1231 gain
D. $400,000 ordinary gain
3) Foreaker LLC sold a piece of land that it uses in its business for $52,000. Foreaker bought the land two years ago for $42,500. What is the character of Foreaker’s gain?
A. $9,500 Section 1250
B. $9,500 Section 1231
C. $9,500 Section 1221
D. $9,500 Section 1245
4) Which of the following would be considered passive income?
A. Capital gains from sale of mutual funds
B. Salary for part-time job
C. Rental real estate income
5) Generally, which of the following does not correctly categorize the type of income?
A. Capital losses passive income/loss
B. Dividends portfolio income/loss
C. Rental real estate passive income/loss
D. Salary active income/loss
6) A taxpayer would not be considered a material participant if he met which one of these tests?
A. Participates in the activity for at least 500 hours a year
B. Participates more than 50 hours a year and participation is not less than any other participants for the year
C. Materially participates in the activity for any five of the preceding ten years
D. Participates on a regular, continuous, and substantial basis
7) What is the correct order of the loss limitation rules?
A. Tax basis, passive loss limits, at-risk amount
B. Passive loss limits, at-risk amount, tax basis
C. Tax basis, at-risk amount, passive loss limits
D. at-risk amount, tax basis, passive loss limits
8) Dan recently purchased a partnership interest in XYZ, Limited Partnership for $6,000. His share of debt in the partnership is $2,500, but he is not personally responsible for paying back the debt if the partnership cannot pay. Dan’s share of XYZ, LP’s loss for the year is $3,000. In addition, Dan reported $5,000 in long-term capital gains from the sale of a stock and $3,000 of income from another real estate partnership. What is Dan’s tax basis in XYZ, LP?
9) What happens when a taxpayer experiences a net loss from a rental home?
A. If the taxpayer is not allowed to deduct the loss due to the passive activity limitations, the loss is suspended and carried forward until the taxpayer generates passive income or until the taxpayer sells the property.
B. If the taxpayer is not an active participant in the rental, the taxpayer may be allowed to deduct the loss even if the taxpayer does not have any sources of passive income.
C. The taxpayer will not be allowed to deduct the loss under any circumstance if the taxpayer does not have passive income from other sources.
D. The loss is fully deductible against the taxpayer’s ordinary income, no matter the circumstances.
10) What document must LLCs file with the state to organize their business?
A. Partnership agreement
B. Articles of organization
C. Articles of incorporation
D. Certificate of LLC
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11) What tax year-end must unincorporated entities with only one owner adopt?
A. The entity may adopt any year-end except for a calendar year-end.
B. The entity must adopt a calendar year-end.
C. The entity is free to adopt any tax year-end.
D. The entity must adopt the same year-end as its owner.
12) Which legal entity provides the least flexible legal arrangement for owners?
A. Sole Proprietorship
13) Which of the following requirements do not have to be met in a Section 351 transaction?
A. All transfers of property to a corporation must be made simultaneously to qualify for deferral.
B. Only property transferred to a corporation is eligible for deferral.
C. Each transferor of property must receive stock equal to at least 80 percent of the fair market value of the property transferred.
D. In the aggregate, the transferors of property to the corporation must collectively control the corporation immediately after the transfers.
14) Inez transfers property with a tax basis of $200 and a fair market value of $300 to a corporation in exchange for stock with a fair market value of $250 in a transaction that qualifies for deferral under Section 351. The corporation assumed a liability of $50 on the property transferred. What is the corporation’s tax basis in the property received in the exchange?
15) Camille transfers property with a tax basis of $800 and a fair market value of $1,200 to a corporation in exchange for stock with a fair market value of $850 and $350 in a transaction that qualifies for deferral under Section 351. Camille also incurred selling expenses of $100. What is the amount realized by Camille in the exchange?
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