Accounting Incremental Analysis Multiple Choice Questions And Answers Homework Help
- July 12, 2017
- Posted by:
- Category: Accounting QA
Best UK USA UAE Australia Canada China Accounting Incremental Analysis Multiple Choice Questions And Answers Homework Help Service Online
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):
A. $10,000
B. $2,500
C. $1,785
D. $7,145
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
D. Dividends
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?
A. $16,500
B. $11,500
C. $6,000
D. $8,500
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
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to besthomewrokhelpers@gmail.com
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email besthomeworkhelpers@gmail.com should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Features
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to besthomeworkhelpers@gmail.com and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
Our Clients
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
Related Services
- Strategic management case study help
- Case Study Assignment Help
- Trade finance case study help
- Banking case study assignment help
- Banking case study homework help
- Meaning of case study assignment help
- Child development case study homework help
- Contract law case study homework Help
- Finance accounting case studies homework help
- Company Financial statement analysis case study homework help
- Foreign assignment case study help
- HR case study homework help
- Human resource management case study homework help
- Managerial accounting case study assignment help
- Managerial accounting case study homework help
- Negotiations case study homework help
- Organization behavior case study homework help
- Project management case study homework help
- Financial statement analysis assignment help
- HBS case study assignment help
- Ratio analysis case study assignment help
- Small business case study homework help
- Project finance case studies help
- Healthcare finance case studies homework help
- MBA case study homework help
- Financial analysis business case study homework help
- Harvard business case study homework help
- Business strategy case study homework help
- Business law case study homework help
- Accounting Case Study Help
- Business case study homework help
- Finance case study help
- Corporate Finance case study homework help
- Business process case study assignment help
- Business statistics case study assignment help
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
B. Partnership
C. Corporation
D. LLC
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?
A. $300
B. $150
C. $200
D. $250
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?
A. $750
B. $1,200
C. $1,100
D. $850
Product Code: ACC33
Looking for Accounting Incremental Analysis Multiple Choice Questions And Answers Homework Help , please submit your details here with product code mentioned above.