13) Which of the following is least likely to happen when a depreciable asset is sold at a gain?

1. Section 1250 ordinary income deprecation recapture.
2. Section 1245 ordinary income depreciation recapture.
3. Unrecaptured Section 1250 gain.
4. Section 1231 gain

QUESTION 15) In the current year, Ralph reports an adjusted gross income of $100,000 and also pays medical and dental expenses during the same year. What amount of these expenses could Ralph deduct on Schedule A?

1. Amounts exceeding $5,500
2. Amounts exceeding $7,500
3. Amounts exceeding $10,000

QUESTION 18) Which of the following methods is not allowed for tax purposes if FIFO (first in first out) is used for financial reporting?

1. LIFO (last in first out)
2. FIFO
3. Weighted average
4. Specific identification
5. Lower of cost or market

1. Amounts exceeding $11,500