1) Which of the following is not depreciated or amortized?

A) Automobile B) Building C) Land Improvements D) Machinery E) All are Depreciated

2) Gross income includes

A) Excluded Income B) Deferred Income C) all income from whatever source derived unless specifically excluded by law D) All realized income E) All of these

3) Which of the following is true regarding stock options for regular income tax purposes?

A)

There is typically no tax effect on the grant date.

B) A loss is realized when stock options lapse.

C)

Income recognized on the exercise date is greater for incentive stock options than nonqualified options

D)

The bargain element on a nonqualified option is taxed to employees at capital gain rates.

4) Long-term capital gains can be taxed at a maximum rate of:

A) 0% B) 15% C) 20% D) 28% E) The max rate for 2014 could be any of these