Question 5 of 75. What is the seller's gain on repossessed property with a fair market value of $14,000 on the date of repossession where the seller's basis is $10,000, and the costs of repossession were $500? Gain of $9,500. Gain of $4,000 Gain of $3,500 Gain of $500 Mark for follow up Question 6 of 75. How may taxpayers eliminate the requirement to use the mid-quarter convention? Elect the special bonus depreciation deduction for all assets placed in service during the fourth quarter of the year. Elect Section 179 deduction for all assets placed in service during the fourth quarter of the year. Elect the special bonus depreciation deduction for all assets placed in service during the year. Elect the safe harbor de minimis deduction for all assets placed in service during the year. Mark for follow up Question 7 of 75. No taxable income is recognized from cancellation of debt in which instance? The taxpayer was solvent prior to the debt cancellation. The taxpayer uses a service to consolidate their debts. The canceled debt was for the taxpayer's second home. The debt cancellation was intended as a gift. Mark for follow up Question 8 of 75. Which of these types of account ownership is limited to spouses? Joint tenancy with rights of survivorship Payable on death Tenancy by the entirety Tenancy in common 0 0 0 0 0 Mark for follow up Next Summary Save / Return Later