During 2013, a corporation purchased machinery costing $200,000 and a warehouse costing $600,000. These are the only two acquisitions of depreciable property purchased by the corporation in 2015. The maximum deduction the corporation can claim under Code Sec. 179 in 2015 is:

a. $500,000

b. $800,000

c. $25,000

d. $200,000

4. A calendar-year corporation incurs $53,000 of start-up costs. If the corporation began business on August 1 of the current year, what is the maximum amount of the start-up costs that it can deduct against business income in the current year? (round your answer to the nearest dollar)

a. $3,417

b. $5,000

c. $2,000

d. $6,333

e. none of the above

5. During 20153, Tommy's home was burglarized. Tommy had the following items stolen.

A block of securities worth $20,000. Tommy purchased of securities three years ago for $8,000.

A block of securities worth $30,000. Tommy purchased the securities for $24,000 two years ago.

Tommy's homeowners policy had an $80,000 deductible clause for thefts. How much is Tommy's theft loss for 2015?

a. $50,000

b. $32,000

c. $44,000

d. None of the above.

6. Tammy has the following items for the current year:

Nonbusiness capital gains	$10,000
Nonbusiness capital losses	(2,000	)
Interest Income	7,000
Itemized deductions (none of the amount realized from a casualty loss)	(9,000	)

In calculating Tammy's net operating loss, and with respect to the above amounts only, what amount must be added back to taxable income (loss)?

a. $0

b. $2,000

c. $3,000

d. $6,000