Question 3 (2.5 points) Saving... You own a vacation condo on Miami Beach. You spend most weekends there, but your principal residence is in Daytona Beach. You rent the condo for $50,000 for the five-days of the Super Bowl weekend. What is the tax treatment of the $50,000? It is unlikely to earn interest It is taxable less deductions for the prorata share of condo expenses It is non-taxable It is 100% taxable Question 2 (2.5 points) Saved A taxpayer who reaches 72 must take a withdrawal from his/her retirement savings the next April. This is referred to as a(an); Required Minimum Distribution Old Age Survivors and Disability Insurance Distribution Premature Distribution None of the above, there is no such requirement. Question 12 (2.5 points) Saved Your grandfather purchased a piece of commercial real estate along 1-30 in 1945, for $50,000. It was worth $7,000,000 when he passed away in late 2018, and bequeathed the property to you. You sell it in 2019, after owning it for 3 months, for $7,300,000. How much is your taxable gain, and what is the nature of the gain? $7,000,000, STCG $300,000; LTCG $6,950,000; LTCG $300,000: STCG Question 23 (2.5 points) Saved You own your home for 20 years. You paid $250,000 for it and could not afford to take very good care of the building or the landscaping. After you could not pay your taxes for the year, you decided to auction off the house to the highest bidder. You had no mortgage on the home, so you were happy when you received $110,000. What is the nature of the $140,000 difference? A deductible loss on Schedule D O A deductible loss on Form 4797 An itemized deduction on Schedule A None of the above, Question 29 (2.5 points) Saved You go to work for a company who matches a defined contribution 401(k) plan with 4% for every 4% you contribute. The plan is graded vesting at six years. How much of the matching money are you likely to receive if you leave at the end of your fifth year of employment? 00% 40% 80% 100% Question 26 (275 points If you sell your principal residence for a $400,000 gain (after updating and improvement expenses) and you are a head of the household taxpayer, how much of the gain will be taxable? You have lived in your home as your principal residence for ten years. $0 O $250,000 $150,000 $200,000