Reference no: EM132600165
Questions -
Q1. Dale is a degree candidate at a state university. He received a $3,500 unrestricted scholarship from a local civic organization. How much of Dale's scholarship is taxable?
A. $0
B. $3,500
C. The portion that exceeds his room and board expenses.
D. The portion that exceeds his tuition and book expenses
Q2. Chad Young's investment property was condemned. He purchased the property for $125,000.He received a net condemnation award of $155,000 and purchased replacement property for $205,000. What is the amount of gain realized on the condemnation?
A. $0
B. $30,000
C. $50,000
Q3. Enrique Hammond exchanged his fully depreciated business-use condominium (FMV $90,000) and $7,000 for an office building (FMV $97,000). What is his gain realized and the gain recognized on the exchange?
A. $90,000 and $0
B. $0 and $97,000
C. $90,000 and $7,000
D. $5,000 and $90,000
Q4. Which of the following items increases the basis of property received in a partially nontaxable exchange?
A. Cash paid in the exchange.
B. Cash received in the exchange.
C. Recognized loss on the taxable portion of the exchange.
Q5. Generally, the basis of property received in a fully nontaxable exchange is:
A. The FMV of the property given up.
B. The FMV of the property received.
C. The adjusted basis of the property given up.
D. The greater of the FMV or the adjusted basis of the property given up.
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