Jonathon is a manager at a local car dealer. One of the perks is being able to buy new cars for personal use at a discount. He pays $30,000 for a new SUV that has a retail price of $51,000. His dealership paid $38,000 for the SUV earlier in the year. What will be Jonathon's basis in the SUV? 43,000 51,000 30,000 38,000 Christian goes on vacation to Bermuda for two weeks. While walking on the beach, he finds an old wooden box half buried in the sand. After he retrieves it and makes sure no one is watching him, he opens the box and finds it full of pirate gold! Christian carries the box back to his hotel room on the beach and gets it inside with no one seeing him do so. (It is a small box). After looking up pirate gold on the internet, he discovers the loot is worth $12.999 (Christian is very meticulous, he is an accountant after all). He decides to end his vacation early to avoid being robbed before he can get the gold home. He packs it in his suitcase which he checks at the airport and pays the extra fee because the bag is so heavy. Once he gets home, he takes the gold directly to the pawn shop where his best friend from high school, Kevin, works. Kevin recognizes a good deal when he sees one and offers to pay Christian $9.999 in cash for the gold. Christian takes the deal and leaves the pawn shop to go to the bank and deposit $9.900 in a new savings account he opens that day. How much, if any, should Christian report on his income tax return? (Do not assume any more facts than already given). \$o because he found it in a foreign country that does not have an income tax $0 because it was a gift from the pirates $12,999 ordinary income and a $3,000 capital loss $9,900 ordinary income and $0 capital loss $12,999 ordinary income and $0 capital loss In 2015, Lebron Jones decided to start his own business and incurred $54,000 in start-up costs. On August 15th, 2015, Lebron starts up his business. What will be Lebron's total deductions related to start-up costs in 2015 and how much, if any, can be amortized over 15 years? 54,000 and 0 1,000 and 53,000 1,325 and 53,000 2,325 and 53,000 0 and 54,000 Alanna is a CPA and frequently works late during the busy season. As an incentive to stay late, her employer gives her a choice of either $20 from the petty cash fund so she can buy dinner on her way home, or stay until 8pm and get free pizza in the office each day she works more than 10 hours. The $20 is excludible from Alanna's taxable income because of which of the following: It is a de minimus fringe benefit It is a working condition fringe benefit It is a no additional cost fringe benefit Any of the above will work to exclude the amount None of the above will work to exclude the amount Your grandma bought 1,000 shares of General Electric when she was 18 years old and paid $2,000 total. On your 18th birthday on June 22, 2017, Grandma gave you 200 of her original shares at a time when the shares were worth $24 each. Because you are a poor college student, you had to sell all of your shares to pay for tuition 5 months after you received the shares. You sold them for $15 each. What amount of gain or loss do you include in your taxable income and is it longterm or short-term? Long-term loss of $1,800 Short-term loss of $1,800 Long-term gain of $2,600 Short-term gain of $2,600 Short-term gain of $2,300 Captain America finally got tired of saving the world and so he retired in May 2017. After a couple of months doing nothing, he concluded that he was bored so he bought a used tugboat to help move ships around the San Francisco Bay. He bought the boat on September 10, 2017 and paid $1,998,996 including taxes and fees. How much will his MACRS deductions be for 2017? 510,000658,900744,498148,900