Question 1 what are susies deductible moving expenses for

Reference no: EM13348762

Question :

1. What are Susie's deductible moving expenses for 2012 if she spends $4,000 for moving and packing household goods, $1,200 to break the lease on her apartment, and $1,500 to store the household goods for 45 days? In April she drove her car 1,400 miles to her new home and spent $250 for motels and $80 for meals while traveling to the new home.

a. $4,572

b. $5,572

c. $6,152

d. $7,272

2. Joan provides an asset valued at $12,000 with a basis of $10,000 to Mary; Joan dies 6-months later leaving an asset valued at $10,000 with a basis of $12,000 to Larry. Determine Mary's' and Larry's bases in these assets?

a. Mary = $12,000; Larry = $12,000

b. Mary = $12,000; Larry = $10,000

c. Mary = $10,000; Larry = $12,000

d. Mary = $10,000; Larry = $10,000

3. Wesley sold a piece of property for $30,000 cash paying a $3,000 sales commission. The buyer considered Wesley's $13,000 mortgage on the property. Wesley had purchased the property for $15,000 and had invested an additional $6,000 in it. What is Wesley's realized profit on the sale?

a. $6,000

b. $9,000

c. $19,000

d. $22,000

Reference no: EM13348762

Questions Cloud

Question 1 securities donated to an npo could be recorded : question 1. securities donated to an npo could be recorded at thea. donors recorded amount.b. fair market value at the

Question 1 a corporation has a june 30 year end what is the : question 1. a corporation has a june 30 year end. what is the last date it will file its return due for its june 30

Questionpeak performance inc reported total income of : questionpeak performance inc. reported total income of 250000 for the year ended december 31 2009. peak performance

Question you have just been hired as a management trainee : question you have just been hired as a management trainee by cravat sales company a countrywide distributor of a

Question 1 what are susies deductible moving expenses for : question 1. what are susies deductible moving expenses for 2012 if she spends 4000 for moving and packing household

Question select a local government in the state of maryland : question select a local government in the state of maryland and evaluation the financial statements and audit report

Question write your birth date or the birth date of someone : question write your birth date or the birth date of someone in your family as mmddyy.now let a the one- or two-digit

Question the year 2008 brought regarding a financial : question the year 2008 brought regarding a financial collapse in the us that impacted citizens and caused an increase

Question at the time of his death on september 2 2012 : question at the time of his death on september 2 2012 kenneth owned the subsequent assetsfair market valuecity of

User Account

All Pages