Question 54 of 75. What is the recovery period and depreciation method of a residential rental property located in a foreign country which was placed in service after December 31, 2017? 30-year Alternative Depreciation System (ADS). 30-year General Depreciation System (GDS). O 40-year Alternative Depreciation System (ADS). 40-year General Depreciation System (GDS). Mark for follow up Question 55 of 75. Mari purchased a rental house on February 14 of last year. It was vacant when she bought it. She decided to paint the interior and install new carpeting before showing the property to potential tenants. The work was completed on March 3. That same day, Mari put out a vacancy sign and began showing the property to prospective tenants. She received a signed lease from a new tenant on June 26, and the tenant moved in on August 1. For depreciation purposes, what is the date mari placed this rental property in service? February 14. O March 3. June 26. August 1. Mark for follow up Question 56 of 75. Which of the following is NOT a requirement of the qualified business income deduction rental real estate safe harbor? Spend at least 250 hours performing rental services in the tax year. Rental service hours must be performed by the property owner. Keep separate books and records reflecting income and expense from the enterprise. O Keep concurrent records regarding hours of rental service (when, who, and what). Mark for follow up Question5776775. htts://arblock.csod.com/Evaluations Eva Launch aspx?loid=e3661448-a635-4de0-8157-70869937b12c&eva Lvi=5&redirect url=%2fphox%2fdriver.aspx%3froutename%3dSocial%2/Universal Profile%2f 2/3 9/4/2021 Test - Senior Tax Specialist Certification Test (2021) Section 10 Question 73 of 75. What is the tax consequence for an employee who is granted the option to purchase shares of their employer's stock at a discounted rate under an employee sto purchase plan (ESPP) The employee will have ordinary income from compensation When the option is granted. When they exercise the option When they sell the shares of stock at a gain. O Only if they have failed to satisfy the holding period requirement when they sell the stock. Mark for follow up Question 74 of 75. Carlo received a nonstatutory stock option from his employer on January 1, 2020. The option gives him the right to purchase 100 shares of his company's stock at per share. The option is not traded on an established market, and its value could not be readily determined when it was granted. Although Carlo did not exercise h option during the tax year, the value of the stock increased after he received the option. On December 31, 2020, the stock was trading at $22 per share. How much compensation does Carlo include in his 2020 income as a result of being granted this option? $0 O $1,000 O $1,200 $2,200 Mark for follow up
