15" MCQ-02218 Alex purchased rental property on July 29, Year 6, for $456,000. The price included an amount of $90,000 allocated to land. Alex immediately rented the property to a family to live in. Before considering passive loss limitations, how much depreciation can Alex deduct in Year 6 for the property? $4,301 O $6,100 O $9,385 O $13,309 (21" MCQ-10857 A taxpayer is trading a building used solely for business purposes for another building to be used in his business. The building originally cost $35,000 and he has taken $12,000 in depreciation. The old building is currently worth $20,000 and the new building the taxpayer wants in exchange is worth $20,000. No other cash or property is exchanged in the transaction. What is the taxpayer's basis in the new building received? O $12,000 $20,000 O $23,000 O $35,000 (28") MCQ-02073 Which of the following statements is not correct? o The basis of an asset that is purchased must be adjusted for depreciation allowable. o The general rule for the basis of property acquired by gift is a carryover of basis from the donor. o If an asset is acquired by gift and the FMV on the date of gift is lower than the donor's carryover basis, the recipient's basis cannot be determined until the asset is disposed of. The basis of property acquired from a decedent is always the FMV on the date of death. 30") MCQ-02200 Rick purchased 100 shares of XYZ stock on April 4, Year 4, for $8,600. He sold 50 shares on February 8, Year 5, for $3,000. He then bought another 50 shares of XYZ on March 1, Year 5, for $3,200. What is Rick's basis of the 50 shares purchased on March 1, Year 5? $1,900 $3,200 O $4,300 o $4,500 (31") MCQ-02317 Wally Inc. sold the following three personal property assets in Year 6: Accumulated Depreciation Selling Price Asset Purchase Date Cost A 5/1/Year 3 $5,000 $3,000 $1,300 B 8/13/Year 4 $1,200 $500 $1,100 C 2/18/Year 4 $3,800 $1,800 $1,500 What is Wally's net Section 1231 gain or loss in Year 6? $500 loss $700 loss o $1,200 loss O $1,200 gain 15" MCQ-02218 Alex purchased rental property on July 29, Year 6, for $456,000. The price included an amount of $90,000 allocated to land. Alex immediately rented the property to a family to live in. Before considering passive loss limitations, how much depreciation can Alex deduct in Year 6 for the property? $4,301 O $6,100 O $9,385 O $13,309 (21" MCQ-10857 A taxpayer is trading a building used solely for business purposes for another building to be used in his business. The building originally cost $35,000 and he has taken $12,000 in depreciation. The old building is currently worth $20,000 and the new building the taxpayer wants in exchange is worth $20,000. No other cash or property is exchanged in the transaction. What is the taxpayer's basis in the new building received? O $12,000 $20,000 O $23,000 O $35,000 (28") MCQ-02073 Which of the following statements is not correct? o The basis of an asset that is purchased must be adjusted for depreciation allowable. o The general rule for the basis of property acquired by gift is a carryover of basis from the donor. o If an asset is acquired by gift and the FMV on the date of gift is lower than the donor's carryover basis, the recipient's basis cannot be determined until the asset is disposed of. The basis of property acquired from a decedent is always the FMV on the date of death. 30") MCQ-02200 Rick purchased 100 shares of XYZ stock on April 4, Year 4, for $8,600. He sold 50 shares on February 8, Year 5, for $3,000. He then bought another 50 shares of XYZ on March 1, Year 5, for $3,200. What is Rick's basis of the 50 shares purchased on March 1, Year 5? $1,900 $3,200 O $4,300 o $4,500 (31") MCQ-02317 Wally Inc. sold the following three personal property assets in Year 6: Accumulated Depreciation Selling Price Asset Purchase Date Cost A 5/1/Year 3 $5,000 $3,000 $1,300 B 8/13/Year 4 $1,200 $500 $1,100 C 2/18/Year 4 $3,800 $1,800 $1,500 What is Wally's net Section 1231 gain or loss in Year 6? $500 loss $700 loss o $1,200 loss O $1,200 gain