Question 10 Not yet answered Marked out of 1.00 P Flag question Wayne purchased an office building for $350,000 (building only) on 3/1/2018. He sold it on 8/1/2020. What is the depreciation for 2020? Answer: Previous page Next page III Learn Time left 2:12:22 William has $25,000 of Sec. 1231 gains and $28,000 of Sec. 1231 losses. He also has a LTCG from the sale of stock of $5000. He has no other sales of assets during the year. After netting, the gains and losses are characterized as Select one: . Ordinary Income Ordinary Loss Capital Loss Capital Gain $2,000 b. Capital Loss Capital Gain $5000 Ordinary Income $18,000 Ordinary Loss $23,000 C. Capital Gain Capital Loss Ordinary Income $2,000 Ordinary Loss d. Capital Gain $30,000 Capital Loss Ordinary Income Ordinary Loss $28,000 Previous page film Truyn Learn 11 Question 13 Not yet answered Marked out of 1.00 P Flag question Chester is a self-employed CPA who maintains a qualifying office in his home. Chester has $100,000 gross income from his practice and incurs $82,000 in salaries, supplies, computer services, etc. Chester's mortgage interest and real estate taxes allocable to the office total $9,000. Other expenses total $13,000 and consist of depreciation, utilities, insurance, and maintenance. What is Chester's total home office expense deduction? Select one: a. $18,000 b. $22,000 c. $9,000 d. $13,000 Previous page