81. Which of the following is true of a like-kind exchange: (Points : 1) There must be no cash exchanged to qualify. The properties exchanged cannot be personal residences. Office furniture can be exchanged for computers. A new holding period for capital gains treatment starts on the day the exchange is completed.

Question 82. 82. Joseph exchanged land (tax basis of $34,000), that he had held for 4 years as an investment, for similar land valued at $42,000 which was owned by Adrian. In connection with this transaction, Adrian assumed Joseph's $11,000 mortgage. As a result of this transaction Joseph should report a long-term capital gain of: (Points : 1)

$0 $8,000 $11,000 $19,000 None of the previous choices

Question 83. 83. Which of the following statements is correct with respect to the deferral provisions of the Tax Code? (Points : 1)

The like-kind exchange provision is elective. The involuntary conversion provision is elective. The exclusion of gain on the sale of a personal residence is elective. Both the like-kind exchange and the involuntary conversion provisions are elective. None of the previously listed choices are correct.

Question 84. 84. Johnny owned a gas station with an adjusted basis of $300,000. After it was destroyed in a fire, he received $560,000 from the insurance company. Within the next year, he bought a new gas station for $500,000. What is Johnny's taxable gain and what is the basis in the new building? (Points : 1)

$260,000; $500,000 $200,000; $300,000 $60,000; $300,000 $260,000; $300,000 $60,000; $500,000

Question 85. 85. Jerry bought his home 15 years ago for $60,000. 3 years ago Jerry married Debbie and she moved into the same house and has lived there since. If they sell Jerry's house in December, 2014 for $340,000, what is their taxable gain on a joint tax return? (Points : 1)

$0 $280,000 $155,000 $30,000

Question 86. 86. On August 8, 2014, Sam, single, age 62, sold for $210,000 his principal residence, which he has lived in for 10 years, and which had an adjusted basis of $60,000. On November 1, 2014, he purchased a new residence for $80,000. For 2014, Sam should recognize a gain on the sale of his residence of: (Points : 1)

$0 $25,000 $50,000 $130,000 None of the previous choices

Question 87. 87. Which of the following statements is true? (Points : 1)

A taxpayer's personal residence qualifies for a like-kind exchange. A taxpayer who sells a personal residence may always exclude the realized gain from taxable income. A one-time election is available to taxpayers 55 years of age or older which allows them to sell their personal residences and to exclude all of the realized gain. None of the other choices are true.

Question 88. 88. Simonne, a single taxpayer, bought her home in La Jolla 25 years ago for $55,000. She has lived continuously in the home since she purchased it. In December, 2014, she sells her home for $395,000. What is Simonne's taxable gain on the sale? (Points : 1)

$0 $90,000 $250,000 $340,000

Question 89. 89. What percentage of gross food and beverage sales is used in determining the amount of tips that an employer must report as allocated to employees? (Points : 1)

8% 10% 12% 15% None of the previous choices

Question 90. 90. Gordon is 60 years old and Mary is 55 years old. They are married with 3 dependent children over age 17, and Gordon has one job. Assuming that Mary is unemployed, how many allowances should Gordon claim on his Form W-4, assuming no extra allowances for deductions or adjustments? (Points : 1)

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