Which of the following are always not taxable to individuals: Social security income Unemployment compensation payments Workers compensation payments Pizza payments In 2014, Elsie had a $12,000 net short-term capital loss and deducted $3,000 on her return. In 2015 , she has an $18,000 long-term capital gain. Which of the following statements is correct for 2015? Elsie has a long-term capital gain of $18,000 and a short-term carryover to 2016 of $9,000 Elsie has a long-term capital gain of $9,000 and a carryover of $3,000 Elsie has a long-term capital gain of $9,000 and no carryover at all. Elsie has a short-term capital gain of $9,000 and no carryover at all Mike Jones purchased an apartment building on August 15 , 2012 for $200,000. On December 31,2018 , (use full year of depreciation for 2018) the building was sold for $220,000. On his 2018 tax return, Mike should report which of the following: Section 1231 gain of $20,000 and ordinary income of $30,000 Section 1231 gain of $20,000 and ordinary income of $46,360 Ordinary income of $66,360 Section 1231 gain of $66,360 Which of the following is NOT allowed to be excluded from your income as a de minimus fringe benefit: Daily coffee in the break room Making copies for class $5 gift card to Starbucks Discounted soda from the snack machine Which of the following is true about corporate capital losses? You can deduct up to $3,000 and carryover the rest Any excess losses get carried forward indefinitely You can deduct up to $3,000 but only for long-term losses Any excess losses can be carried back 3 years Stefan purchases a new asset for his profitable business in 2009 costing $850,000. This is the only asset Stefan purchases during the year. What will be the basis subject to MACRS depreciation? 850,000 425,000 325,000 300,000 In December 2016 , Ann was lucky enough to be in the audience of the Ellen show when everyone in the audience was given a brand new car worth $24,000 retail value. Ann uses public transportation because she thinks all other drivers are crazy people, so she does not need the car but accepts it anyway. She gives it to her friend Art who does drive but already has two cars. Art then sells the car for $22,000 in cash on December 20,2016, and splits the proceeds with Ann. How much taxable income do Ann and Art each have from the car transactions? 0 and 22,000 11,000 and 11,000 24,000 and 22,000 24,000 and 0