signed a contract on March 4 to sell his home. age 6Q, sold his home this year. He had lie in the hosuse for 10 years 7 Based on these facts, what is the amount of his recognized gain? A)$-0- B) 5285,000 D) $20,000 $270,000 8) In which of contractor rather than an employee? A) a nurse who travels to several different patientse she sets her own hours and is responsible for the delivery of nursing care and end result 8) a computer programmer who is instructed language and format, and hours of work G) a teacher whose hours, classroom responsibilities, content and methods of instruction are established by the school D) a nurse who is directly supervised by doctors in an office of the following situations is the individual more likely to be classified as an Independent as to what projects to undertake, programming 9) On October 2 2018, Dave acquired and placed into service S-year business equipment costing $80,000. No other acquisitions were made during the year. Dave and the property does not qualify for bonus depreciation. The depreciation for this year is using the most accelerated method possible is A) $16,000. does not use Sec. 179 expensing, D) $O. C) $4,000. B) $8,000. 10) In April 2018, Emma acquired a machine for $50,000 for use in her business. The machine is classified as S-year property. Emma does not expense the asset under Sec. 179, and it is not eligible for bonus depreciation. Emma's depreciation on the machine this year is A) $20,000. D) $8,574. C) $7,145. B) $10,000. 11) Which of the following statements with respect to a like-kind exchange is false? A) An exchange of a hotel in the United States for a hotel in Canada will not qualify B) Real property used in a trade or business can be exchanged for real property to be held for investment. O) An exchange of inventory does not qualify as a like-kind exchange. D) A sale of property and subsequent purchase of like-kind property will always qualify as a like-kind exchange. 12) Caitlyn purchases and places in service property costing $1,050,000 in 2018. She wants to elect the maximum Sec. 179 deduction allowed and does not plan to apply bonus depreciation. Her business income is $850,000. What is the amount of her allowable Sec. 179 deduction and carryover, if any? A) 179 deduction 12) B) 179 deduction Carryover $850,000 Carryover $150,000 $1,000,000 Carryover 200,000 D) [179 deduction 179 deduction Carryover $850,000 850,000
