Income Tax

Question 6 (2 points)

In the current year, a taxpayer purchased a warehouse that was originally placed in service in 1934. The building cost $60,000, and an additional $100,000 was spent in the current year to rehabilitate it. The building is not a certified historical structure. What is the taxpayer's rehabilitation credit?

Question 6 options:

$6,000

$10,000

$16,000

$20,000

None of the above

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Question 7 (2 points)

Which of the following statements regarding the disabled access credit is not correct?

Question 7 options:

The maximum disabled access credit is $5,000.

The credit is equal to 50% of the eligible expenditures.

The depreciable basis of any improvement must be reduced by the amount of the credit claimed.

Only expenditures greater than $10,000 are eligible for the credit.

None of the above.

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Question 10 (2 points)

Which of the following targeted groups of workers hired in 2013 qualified the employer for a work opportunity tax credit (WOTC) that could span over three tax years?

Question 10 options:

	Long-term family assistance program recipients.
	Qualified social security recipients.
	A veteran with service-related disabilities (wounded warrior) who had been unemployed for more than six months leading up to the worker's hire date.
	A veteran receiving food stamps at the time he was hired.
	None of the above.