TAx chapter 8 quiz

| July 29, 2018

Attempt 1
Written: Oct 9, 2014 3:43 PM – Oct 9, 2014 3:52 PM
Submission View
Your quiz has been submitted successfully.
Ch. 8 TF
Question 1 1
/ 1 point
All listed property is subject to the substantiation
requirements of § 274.

True

False
Question 2 1
/ 1 point
Residential rental real estate includes property where 80%
or more of the net rental revenues are from nontransient dwelling units.

True

False
View Feedback
Question 3 1
/ 1 point
Any § 179 expense amount that is carried forward is subject
to the business income limitation in the carryforward year.

True

False
Question 4 1
/ 1 point
If startup expenses total $53,000 in 2014, $51,000 is
amortized over 180 months.

True

False
View Feedback
Question 5 1
/ 1 point
Percentage depletion enables the taxpayer to recover more
than the cost of an asset.

True

False
View Feedback
Ch. 8 MC
Question 6 0
/ 1 point
In 2013, Gail had a § 179 deduction carryover of $30,000. In
2014, she elected § 179 for an asset acquired at a cost of $115,000. Gail’s §
179 business income limitation for 2014 is $140,000. Determine Gail’s § 179
deduction for 2014.

$25,000.

$35,000.

$40,000.

$55,000.

None of the above.
View Feedback
Question 7 0
/ 1 point
Which of the following assets would be subject to cost
recovery?

A painting by Picasso hanging on a doctor’s office wall.

An antique vase in a doctor’s waiting room.

Landscaping around the doctor’s office.

a., b., and c.

None of the above.
Question 8 0
/ 1 point
Mary purchased a new five-year class asset on March 7, 2014.
The asset was listed property (not an automobile). It was used 60% for business
and the rest of the time for personal use. The asset cost $90,000. Mary made
the § 179 election. The income from the business before the § 179 deduction was
$60,000. Mary does not take additional first-year depreciation (if available).
Determine the total deductions with respect to the asset for 2014.

$10,800.

$18,000.

$30,800.

$60,000.

None of the above.
View Feedback
Question 9 0
/ 1 point
On May 2, 2014, Karen placed in service a new sports utility
vehicle that cost $60,000 and has a gross vehicle weight of 6,300 lbs. The
vehicle is used 60% for business and 40% for personal use. Determine the cost
recovery for 2014. Karen wants to maximize her deductions.

$7,200.

$25,000.

$26,800.

$37,000.

None of the above.
View Feedback
Question 10 0
/ 1 point
Howard’s business is raising and harvesting peaches. On
March 10, 2014, Howard purchased 10,000 new peach trees at a cost of $60,000.
Howard does notmake an election to expense assets under § 179 and does not take
additional first-year depreciation (if available). Determine the cost recovery
deduction for2014.

$1,532.

$3,000.

$12,000.

$31,500.

None of the above.

Get a 33 % discount on an order above $ 40
Use the following coupon code:
MERRYXMAS
Get a 33% discount off . Use discount code "MERRYXMAS"
Positive SSL