Building Suxx3,000 Determine the amount of Tomy's initial als foe the uildin )56,000,000 b) s9,000,000 e) S15,000,000 d) $20,000,000 2) Which one of the following assets cannot be considered for section 1231 treatmenc? a) Sara purchases cloth she uses to make clothes she sells to customers. b) Jeffowns a car that he uses for 75% business purposes, 25% personal use. c) ABC Manufacturing purchases machinery to make widgets. d) Rocket music group owns a building which houses their studio. 3) Which one of the following assets can a code section 179 deduction be used for? )A $300,000 plot of land owned by Z Corporation A building that serves as the headquarters of Bob's Plumbing c) A $20,000 personal use automobile purchased by Sam d) A $50,000 dump truck purchased by Joe's Trucking Inc. 4) On September 1, 2015, Annette purchased a sapphire necklace for $10,000. On June 20, 2017 Annette gives the necklace to her daughter, Elizabeth, as a birthday present when the fair market value of the necklace is $20,000. Elizabeth sells the necklace to a friend for S15,000 on July 5, 2018. What are the tax consequences for Elizabeth? a) a short-term gain of $5,000. b) a short-term gain of $10,000. c) a long-term gain of $5,000. d) a long-term gain of $10,000