Chris, a sole proprietor, purchased a warehouse in 2016 for $500,000. His adjusted basis in the warehouse as of 12/31/2019 was $455,200. During 2020, there was a fire in the warehouse and Chris spent $115,000 to repair the damage. The fire insurance company paid Chris $100,000 on his damage claim. Assuming the 2020 depreciation expense on the warehouse is $40,000, what is the adjusted basis of the warehouse at 12/31/2020?

Select one:

a. $515,000

b. $500,000

c. $470,200

d. $430,200

Bra received a statement reporting $1,555 of interest income from a bank account he has in Canada.

Select one:

a. He must file an FBAR since his interest income exceeds $1,500.

b. He is not required to complete Schedule B, Part III since his foreign income is less than $10,000.

c. He is not required to file an FBAR since his interest income does not exceed $10,000.

d. He is required to complete Schedule B, Part III since he has a financial interest over a foreign financial account.

A section 179 election:

Select one:

a. Must be made by attaching an election statement to Form 1040.

b. Can be made at any time during the assets MACRS recovery period.

c. Is not allowed for off-the-shelf computer software.

d. May be made for personal property used in a residential rental activity, if such personal property was placed in service after 2017.

e. None of the these.