QUESTION 2 Taxpayer is working to start a new business. In November of 2021 he paid $35.000 of start-up expenses and 56,000 of organizational costs. Taxpayer's business started on 01.01.2022. What amount can taxpayer deduct as organizational expenses on his 2021 tax return for these expenses O $0 O $6.000 $12.066 $10.000 QUESTION 5 Taxpayer and spouse give $50,000 to each of their four grandchildren during the year. What amount of this gift is potentially taxable to taxpayer and spouse? O $90,000 O $150,000 $50.000 O $80,000 QUESTION 7 Taxpayer, who owns a wine bar, purchases a piece of equipment from the bar owner next door for $50,000. The equipment is placed in service during the third quarter of the year. Taxpayer also purchases a warehouse to store her product for $600,000 The warehouse is placed in service in November. What amount is taxpayer's deduction for regular depreciation in year 1? O $1,926 $51,926 O $50,000 O $650,000 QUESTION 8 Taxpayer places equipment into service during the year with basis of $2,725,000. Additionally taxpayer places land and a building into service during the year with basis of $500,000. Taxpayer has book income before depreciation of $200,000 and taxable income before depreciation of $300,000. What amount of section 179 expense is taxpayer eligible to take? O $300.000 $200.000 O $275,000 $950,000