ACCT 224 DeVry Week 7 Quiz Latest

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ACCT 224 DeVry Week 7 Quiz Latest

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ACCT 224 DeVry Week 7 Quiz Latest

ACCT224

ACCT 224 DeVry Week 7 Quiz Latest

(TCO 10) The tax basis of an asset includes:

  • the fair market value of property received in a non-taxable exchange.
  • the fair market value of services given in exchange.
  • the amount of debt relief given in the exchange.
  • All of the above

(General Feedback: Chapter 7, lecture) Comments:

 

Question 2. Question : (TCO 10) In general, an expenditure must be capitalized for tax purposes if:

  • it creates or enhances an asset with a useful life of one taxable year.
  • it results in no long-term benefit to the firm.
  • tax treatment of the expenditure is certain.
  • None of the above

(General Feedback: Chapter 7, page 158) Comments:

 

 

Question 3. Question : (TCO 10) On December 15, a calendar year taxpayer placed in service $100,000 of five-year recovery property. If this was in addition to another $250,000 of assets placed into service early in the year, it will be subject to:

  • the mid-quarter convention.
  • the mid-month convention.
  • the half-year convention.
  • no convention.

(General Feedback: Chapter 7, page 168-169) Comments:

 

Question 4. Question : (TCO 10) Bent Pretzel Inc. sold a building that it held for investment for several years. In this transaction, Bent Pretzel received land that it will use in its business. The FMV of the building is $80,000 and the value of the land is $80,000 too. The adjusted basis of the building is $55,000 and the land is $30,000.

What is Bent Pretzel’s recognized gain?

  • $55,000
  • $25,000
  • $80,000
  • $0

(General Feedback: Chapter 9. Like-kind exchange; no boot.) Comments:

 

Question 5. Question : (TCO 10) In a qualifying like-kind exchange, Van Halen exchanges musical equipment with an adjusted basis of $350,000 (fair market value of $300,000) for other musical equipment.

What is his basis in the new equipment?

  • $200,000
  • $225,000
  • $350,000
  • $230,000

(General Feedback: Chapter 9. The FMV of the property received transfer basis ($300,000) plus the loss not recognized ($50,000).)