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1)Which of the following situations involving an exchange of…

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1)Which of the following situations...
1)Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange?
Giving up a machine and $5,000 for another machine.
Giving up a machine for another machine and $5,000 .
Giving up a truck for a machine.
Giving up a lot for another lot and the other person pays $2,000 expense of the exchange.2) Which of the following taxpayers would be most likely to benefit from an installment sale? A taxpayer who sold:Business-use land, sold for a gain.
A business-use car, sold at a net gain that was less than the amount of depreciation claimed.
Rental property, sold at a gain less than the amount of depreciation allowed.
A fishing boat, sold at a net loss3)Maxine lives in a 700-square-foot studio apartment. She runs her own catering business and cooks client meals in her kitchen. Maxine figures the kitchen is approximately 350 square feet. She also cooks her personal meals in the kitchen. What percentage of her rent may Maxine deduct as business-use-of-home expense?
0%
25%
50%
100%4)Sue purchased video recording equipment that she uses in her in-home business (asset class 57.0). The equipment cost $15,799 when purchased and placed in service on February 20, 2016. The equipment is used 40% for business. Compute her 2016 regular MACRS depreciation. Assume the half-year convention.$6,320 Assuming 5 years equipment. 15,799 *20 *0.5* 40%
$632
$526
$3515) A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of-home expenses?
Depreciation.
Mortgage interest.
Rent.
Utilities.
Submitted: 10 months ago.Category: Multiple Problems
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9/26/2017
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 10 months ago
Dr. Donna Kakonge
Dr. Donna Kakonge, Retired College Professor
Category: Multiple Problems
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