1. when using the actual expense method deductible car and truck expense included all of the following except:

a. depreciation

b. garage rent

c. license tag fees

d. parking tickets

e. all of the above are included when using the actual expense method

2. Robert works for two companies. He works full-time for Ace Corporation and part-time for Banner Corporation. Roberts daily commuting mileage follows: home to Ace, 30 miles; Ace to Banner, 12 miles; Banner to home, 35 miles. If Robert goes home between jobs, what is his deductible mileage for each workday? a. 47 miles b. 35 miles c. 12 miles d. 0 miles e. 30 miles

3. Which of the following is a capital asset?

a. property held primarily for sales to customers b.accounts or notes receivable acquired in the ordinary course of business

c. machinery and equipment used in a trade of business

d. temporary investment of idle business cash in marketable corporate securities

e. real property used in a trade or business

4. Valerie Villane incurred the following gains and losses during 2016:

Loss resulting from theft of a diamond ring held two years ($1,000)

Loss on the sale of a typewriter used in her business for five years ($250)

Gain on the sale of an adding machine used in her business for two years (in addition to recapture) $500

What is Valeries net Section 1231 gain or loss for 2016?

a. $750 loss

b. $1,250 loss

c. $0

d. $250 gain