QUESTION 18 Taxpays sells equipment with basis of $13,000 for cash proceeds of $15.000. Depreciation in all prior years equals $3,000. What is the total amount of ordinary income recognized in this transaction? 52,000 53,000 55.000 510,000 QUESTION 19 The value of an asset passing from an estate is determined as of the date the asset is distributed from the estate to the heir True False QUESTION 20 Which of the following is a limitation on taking bonus depreciation? The asset must be tangible personal property The asset must be brand new No more than 53.63M of assets can be placed in service There must be taxable income before depreciation deductions are calculated QUESTION 21 Tyne here to search O E QUESTION 21 Taxpayer purchased real property for $500,000. This is the only asset taxpayer purchased during the year. Under which of the depreciation conventions will this asset fall Mid Month O Mi Quarter Mid Year Mid Market QUESTION 22 For purposes of the Texas Franchise Tax, which of the following can NEVER be passive? An LLC A corporation A general partnership A limited partnership QUESTION 23 Which of the following is not a requirement to be considered a 1231 asset? Property is titled to a US citizen Property is used in an active trade or business Property is held for one year or more Property is land depreciable property, or a sec. 197 intangible QUESTION 24 in which of the wine casino e Ser 1245 Type here to search O BE