Reference no: EM13977868
1. Which of the following properties is not eligible for the §179 expense election when purchased?
A business automobile.
A business computer.
Rental property.
Manufacturing equipment.
2. Jake purchased a $300,000 earthmover for his business. He sold the earthmover for $245,000 after taking $210,000 of depreciation. What is the nature and amount of the gain or loss on the sale?
$55,000 Section 1245 ordinary income and $100,000 Section 1231 gain.
$90,000 Section 1245 ordinary income and $65,000 Section 1231 gain.
$155,000 Section 1231 gain.
$155,000 Section 1245 ordinary income.
3. What form is filed to report the self-employment tax?
Form 1040.
Schedule SE.
Schedule C.
Schedule D.
4. Which of the following is not considered a capital improvement for a rental activity?
Addition of a bathroom
Replacement of the roof
Repair of a leaky water pipe
New landscaping
5. Reuben, a single taxpayer, has wage income of $75,000. He also has a short-term capital loss of $5,000, a short-term capital gain of $2,000, and a long-term capital gain of $3,000. What is Reuben's AGI for 2014?
$72,000.
$75,000.
$77,000.
$78,000.
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