1. Diane Purchased an office building on November 15, 2000, for $5,000,000. She sells the building on Feb 2, 2017. Determine the cost recovery deduction for the year of the sale a. $16,025 $19,844 c. $26,458 d $128,200 e. $158,750 2) During 2015, Herbert and Sally decided to sell their residence, which had a basis of $141,000. They had owned and occupied the residence for 11 years. They sold the house in May for $295,000. Broker's commissions and other selling expenses amounted to $9,000. They purchased a new residence in June for $210,000. What is the amount of gain they must recognize in 20177 a. $145,000 $141,000 c. $95,000 None of the above 3) Kay inherits stock which had a basis to the decedent of $42,000 and a fair market value of $37,000 on August 4, 2017, the date of the decedent's death. The executor distributes the stock to Kay on Nov 12, 2017, at which time the fair market value is $46,000. The executor does not elect the alternate valuation date. Kay sells the stock on November 30, 2017, for $35,700. What is her recognized gain or loss? a. ($6,300) b. $10,300) c. ($1,300) d. $700 None of the above 4) Troy and Edie are married and under 65 years of age. During 2017, they furnish more than half of the support of their 20-year old daughter, Jobeth, who lives with them. Jobeth earns $15,000 from a part time job, and attends college as a full-time student. Edie's father, who died on January 3,2017, at age 80, has for many years qualified as their dependent. How many personal and dependency exemptions should Troy and Edie claim? None of the above