i need help with my assignment please help i only have 20 min left to submit it. Thanks!

1. (TCO 10) XTemp Inc. incurred $275,000 research costs on the development of its formula for a new line of face creams. XTemp obtained a 14year patent on the formula from the U.S. government. Which of the following statements is true? (Points : 2) XTemp is allowed to deduct 50% of the research costs. XTemp's tax basis in its patent is $275,000. The $275,000 cost results in a favorable bookandtax difference. XTemp is allowed to deduct the $275,000 research costs. Question 2. 2. (TCO 10) Which of the following statements about tax basis is false? (Points : 2) The tax basis in an asset can never be negative. Tax basis represents the taxpayer's unrecovered dollars invested in the asset. Every asset owned by the taxpayer has a tax basis. None of the above Question 3. 3. (TCO 10) Williamson Company performed professional services for XYZ Inc. In exchange for the services, XYZ gave Williamson a 12month lease on commercial office space. XYZ could have charged $5,280 monthly rent for the space on the open market. Compute Williamson's tax basis in the lease. (Points : 2) The tax basis is $63,360. The lease has a zero basis because Williamson obtained the lease at no cost. The lease is an intangible asset and therefore has a zero basis to Williamson. None of the above Question 4. 4. (TCO 10) Jack Greenwood and Associates, which manufactures water bottles, recently sold 12,000 containers to C&C Inc. The selling price per bottle was $18. C&C paid for the containers by transferring 864 shares of its common stock to Jack Greenwood and Associates. On the date of payment, C&C stock was selling on NASDAQ at $250 per share. Compute Jack Greenwood's tax basis in the C&C stock. (Points : 2) The tax basis is 0. Jack Greenwood's tax basis equals its manufacturing cost of the 12,000 containers. The tax basis is $3,000,000. None of the above Question 5. 5. (TCO 10) This year, Ms. Evans sold investment land for $190,000 cash plus the purchaser's assumption of a $60,000 mortgage on the land. Ms. Evans' tax basis in the land was $15,000. Compute the aftertax cash flow from the sale if any recognized gain is taxed at 18%. (Points : 2) $62,300 $65,700 $112,700 $47,700 Question 6. 6. (TCO 10) Jack Daniel Company sold investment land to an unrelated purchaser. The purchaser paid $450,000 cash, assumed Jack Daniel's $510,000 mortgage on the land, and gave Jack Daniel its $480,000 tenyear, interestbearing note. Compute Jack Daniel's amount realized on sale. (Points : 2) $1,430,000 $1,440,000 $850,000 $990,000 Question 7. 7. (TCO 10) M&M sold a business asset with a $78,300 adjusted tax basis for $100,000. The purchaser paid $30,000 in cash and gave M&M a note for the $70,000 balance of the price. M&M will not receive a payment on the note until next year. Compute M&M's gain recognized under the installment sale method. (Points : 2) $7,690 $6,410 $4,920 None of the above Question 8. 8. (TCO 10) Which of the following statements about likekind exchanges is false? (Points : 2) Likekind property must be held for either business or investment use. Businesses cannot engage in likekind exchanges of inventory. The definition of likekind property for tangible personality is determined by the IRS. Business cannot exchange undeveloped land for developed real estate. Question 9. 9. (TCO 10) Feazell Company exchanged business equipment (initial cost $53,550; accumulated depreciation ($18,450) for likekind equipment worth $64,000 and $2,000 cash. As a result, Feazell must recognize _____. (Points : 2) $2,000 Section 1231 gain $2,000 ordinary gain No gain or loss None of the above Question 10. 10. (TCO 10) Ultra Inc. and LOL Company entered into an exchange of real property. Here is the information for the properties to be exchanged. Ultra FMV LOL $1,000,000 $825,000 Adjusted tax basis 768,000 514,500 Mortgage 175,000 0 Pursuant to the exchange, LOL assumed the mortgage on the Ultra property. Compute Ultra's gain recognized on the exchange and its tax basis in the property received from LOL. (Points : 2) $514,500 gain recognized; $768,000 basis in LOL property No gain recognized; $768,000 basis in LOL property $175,000 gain recognized; $943,000 basis in LOL property None of the above