Leo, a sole proprietor, purchased a warehouse in 2006 for $500,000 plus $22,000 in capitalizable closing costs. He has subsequently spent an additional $56,000 in 2018 in capital improvements to the warehouse. His accumulated depreciation expense as of 12/31/2020 is $197,200. Leos adjusted basis in the warehouse as of 12/31/2020 is:

Select one:

a. $775,200

b. $578,000

c. $380,800

d. $358,800

Kate is age 19, and a full-time student. She is claimed as a dependent on her fathers return. She had a summer job in 2020 and earned $7,800. What will Kates standard deduction be?

Select one:

a. $1,100

b. $12,200

c. $350

d. $8,150

Javier works for Garrit and Gerit Bookkeeping as an accountant. As part of his employment package he is able to make contributions to his 401(k) plan from his wages. His employer makes a matching contribution of 3% to the 401(k). How will the 401(k) contributions be handled on Javiers Form W-2?

Select one:

a. Employee contributions are reported in box 1, and employer contributions are reported in box 12.

b. Employee contributions are reported in box 12 as deferred compensation, and employer compensation is not reported.

c. Employee contributions are not reported, and employer contributions are reported in box 14.

d. Employee contributions are reported in box 14, and employer contributions are included in box 1.