Reference no: EM132606209
Question 1: Sonya inherits shares of Big Red Airline Corporation stock from the estate of her uncle Tony. Tony purchased the stock for $3,000 on August 2, 2020. Tony died on August 4, 2020. The stock's fair market on August 4, 2020, is $2,000. Sonya sells the shares for $2,300 on December 8, 2020. What are the tax consequences for Sonya?
a. Sonya has a short-term loss of ($700)
b. Sonya has a short-term gain of $300
c. Sonya has a long-term loss of ($700)
d. Sonya has a long-term gain of 300
Question 2: Adam owns land that he purchased for $30,000 in 2015. After using it personally for two years, he converts the land to business use when the land's fair market value is $15,000. He then, sells the land for $42,000 the next year. What is Adam's recognized gain or loss on the land?
a. No gain no loss
b. $12,000 gain
c. $27,000
d. $32,000
Question 3: On July 17, 2019, Elise purchases office furniture (7-year property) costing $1,045,000 for use in her business. She wishes to use the section 179 election. Her taxable income before the depreciation deduction is $10,000,000, and this is the only property purchases during the year. What is the maximum total cost recovery (including 179) Elise can take for the furniture in 2019? (Round to the nearest dollar)
a. $3,000
b. $75,023
c. $1,020,000
d. 1,023,573
Question 4: Piper production, Inc. purchases a new high-volume paper shredder for use in their document management department for $20,000 on November 7, 2019, during the last quarter of the year. It was the only piece of depreciable property placed in service during 2019. The paper shredder is 7-year MACRS property, the section 179 election expense was not exercised. What is piper's 2019 depreciation deduction on the paper shredder?
a. $714
b. $2,498
c. $2,812
d. $2,980
Question 5: Yolanda pays $170,000 for an office building including the land on August 27,2019, to use in her consulting business. She properly allocates $150,000 of the basis to the building and $20,000 to the land. What is Yolanda's 2019 depreciation deduction on the property? Round to the nearest dollar
a. $1,124
b. $1,1445
c. $3,846
d. $5,454
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