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. Quanti Co, a calendar-year taxpayer, purchased small tools for $5,000 on December 21, Year 1, representing the company's only purchase of tangible personal property
. Quanti Co, a calendar-year taxpayer, purchased small tools for $5,000 on December 21, Year 1, representing the company's only purchase of tangible personal property that took place during Year 1. Assume Quanti Co. does not want to take 179 or bonus depreciation on the tools. On its Year 1 tax return, how many months of MACRS depreciation may Quanti Co. claim on the tools? Multiple Choice One month None One-and ahalf months Six month On July 1 Year 4, Penelope gave Peter a gift of stock worth $9.000. Penelope had purchased the stock for $10,000 in Year 2.On November 1 Year 4, Peter sold the stock to an unrelated party for $8,500. What is the amount and character of Peter's gain or loss upon the sale? Mult ple Choice $1,500 shon-serm cepital loss $500 long-serm cepital less 500 shon-erm capital loss 500 long MacBook Air 8 9 WE R commandoption
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