Reference no: EM132796435

Problem 1: Which of the following actions of the Fed would relieve a tight money market?

Option 1: Sell U.S. government securities on the open market
Option 2: Issue new regulations for accreditation of banks
Option 3: Lower the cash reserve requirement
Option 4: Raise the discount rate

Problem 2: With certain restrictions, the federal tax laws permit deductions on a personal residence for all of the following except

Option 1: maintenance costs
Option 2: mortgage interest if the loan is secured by the personal residence
Option 3: property taxes on the personal residence

Problem 3: If you purchased a property for $100,000 and you have taken no depreciation your basis is $100,000; this is called a/an

Option 1: stepped-up basis
Option 2: carryover basis
Option 3: cost basis
Option 4: tax deferred basis