1. In 2015, Lebron Jones decided to start his own business and incurred $54,000 in start-up costs. On August 15th, 2015, Lebron starts up his business. What will be Lebrons total deductions related to start-up costs in 2015 and how much, if any, can be amortized over 15 years?

Group of answer choices

A. 54,000 and 0

B. 1,000 and 53,000

C. 1,325 and 53,000

D. 2,325 and 53,000

E. 0 and 54,000

2. Alanna is a CPA and frequently works late during the busy season. As an incentive to stay late, her employer gives her a choice of either $20 from the petty cash fund so she can buy dinner on her way home, or stay until 8 pm and get free pizza in the office each day she works more than 10 hours. The $20 is excludible from Alannas taxable income because of which of the following:

Group of answer choices

A. It is a de minimus fringe benefit

B. It is a working condition fringe benefit

C. It is a no additional cost fringe benefit

D. Any of the above will work to exclude the amount

E. None of the above will work to exclude the amount

3. Your grandma bought 1,000 shares of General Electric when she was 18 years old and paid $2,000 total. On your 18^th birthday on June 22, 2017, Grandma gave you 200 of her original shares at a time when the shares were worth $24 each. Because you are a poor college student, you had to sell all of your shares to pay for tuition 5 months after you received the shares. You sold them for $15 each. What amount of gain or loss do you include in your taxable income and is it long-term or short-term?

Group of answer choices

A. Long-term loss of $1,800

B. Short-term loss of $1,800

C. Long-term gain of $2,600

D. Short-term gain of $2,600

E. Short-term gain of $2,300