Timberco purchased new office furniture on 5/12/2018 for $4000. It was the only asset purchased that year. It sold the office furniture on 8/14/2020. Timberco did not elect Section 179 or bonus depreciation in 2018. What is the amount of depreciation for 2020? Answer: Steven is a CEO who had a non-qualified deferred compensation plan with Pimco Co. which of the following is true? Select one: O a. If Pimco doesn't have the funds to pay Steven, Steven will become an unsecured creditor of Pimco. b. Pimco cannot discriminate in favor of Steven over rank and file employees. c. Pimco is required to invest Steven's salary in investments specified by Steven. d. Pimco is required to annually fund the deferred compensation requirement. Gina worked for ABC Corp. for the last two years and nine months. Gina participates in ABC's 401(k) plan. During her employment, Gina contributed $8,000 to her 401(k) account. ABC has contributed $4,000 to Gina's 401(k) account (it matched 50 cents of every dollar contributed). ABC uses a three-year cliff vesting schedule. If Gina were to quit her job with SEC, what would be her vested benefit in her 401(k) account (assume the account balance is $12,000)? Answer: Brian and Timothy Starr a married couple, sell their personal residence to Patricia. Patricia pays $790,000 and assumes their $100,000 mortgage. To make the sale, the Starrs pay $30,000 in real estate commissions. The couple has owned and lived in the house for seven years and their tax basis is $300,000. What is the amount of gain recognized on the sale? Select one: a. None of the other choices b. $420,000 C. $0 d. $560,000 e. $60,000 Henry has a tradition 401k defined contribution plan. Henry had originally contributed $8,000 to the 401k plan. The plan invested in IBM stock. The value of the stock was $20,000 and Henry took a distribution of the stock when he was 65 years old. Which is true? Select one: a. Henry will be taxed on $12,000 as a LTCG and $8000 as ordinary income. b. Henry will be taxed on $12,000 as a LTCG O c. $8000 is a return of capital and $12,000 will taxed as ordinary income. d. $20,000 will be taxed as ordinary income. O