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QUESTION 22 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. What is deprecation expense in the year the property was placed in service (initial Year 2019)? 3.5 points QUESTION 23 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively, What is the annual depreciation expense? 3.5 points QUESTION 24 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. Assume the property was sold on Nov. 30th, 2022 for $12,500,000? What is the gain/loss on sale? QUESTION 18 Jack started a new accounting practice. He purchased $35,000 of computer equipment and placed the equipment in service in May. (Here is MARCS HY depreciation rates for 5 year property. (Year 1-20.0%. Year 2 -32.0%, Year 3 -19.2% Year 4 -11.52%. Year 5 -11.52% and Year 6% -5.76%. Unfortunately, the business was not doing well. In year 3, Jack decided to close the business. He sold the property for $10,500. What is Jack's gain or loss on the sale of the computer equipment? 4 points QUESTION 19 Vicky is planning her wedding in 2020. In December 2019, she decides to sell 1,000 shares of her Coke Cola stock. She will use the proceeds to pay for the wedding. She receives sales proceeds of $45,000. Her basis in the stock is $50,000. Two weeks later Vicky hears a rumor that Pepsi is going out of business. She decides to repurchase the 1,000 shares of Coke at $47 a share. What is her new basis in the Coke? 4 points QUESTION 20 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. During the year Mary incurred repairs expense of $2,250. What is Mary's basis in the land? 3.5 points QUESTION 21 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. What is Mary's basis in the building? 2 points QUESTION 12 John, who is a cash basis taxpayer, receives January's 2020 rent payment from his tenant on Dec. 27 2019. The tenant informs John that there are not sufficient funds in the account. He asks John not deposit the check until January 5, John includes the January rent in gross income in 2019. True/False John was correct to include the January's rent in his 2019 tax return? True False 2 points QUESTION 13 In May 2018, Jamie invoiced one of her clients $10,000. She instructs her client to make the payment directly to Jamie's mother, Sara. When Sara files her tax return she includes the $10,000 payment from Jamie's client as part of her taxable income. True/False - Sara was correct in including the $10,000 payment in her income? True False 2 points QUESTION 14 Frank is an avid investor. He borrows money to make investments during the year, he incurred $3,500 of interest expense. During the year, he had the following income items $1,000 of qualified dividends, $500 of Interest income from a corporate bond, $200 from a municipal bond and $6,000 of net L/T capital gains. How much of investment interest expense can Frank claim on his return? 0 A $3,500 B. $2,000 C. $3,300 D. $1,500 E. $500 3 points QUESTION 15 QUESTION 22 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. What is deprecation expense in the year the property was placed in service (initial Year 2019)? 3.5 points QUESTION 23 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively, What is the annual depreciation expense? 3.5 points QUESTION 24 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. Assume the property was sold on Nov. 30th, 2022 for $12,500,000? What is the gain/loss on sale? QUESTION 18 Jack started a new accounting practice. He purchased $35,000 of computer equipment and placed the equipment in service in May. (Here is MARCS HY depreciation rates for 5 year property. (Year 1-20.0%. Year 2 -32.0%, Year 3 -19.2% Year 4 -11.52%. Year 5 -11.52% and Year 6% -5.76%. Unfortunately, the business was not doing well. In year 3, Jack decided to close the business. He sold the property for $10,500. What is Jack's gain or loss on the sale of the computer equipment? 4 points QUESTION 19 Vicky is planning her wedding in 2020. In December 2019, she decides to sell 1,000 shares of her Coke Cola stock. She will use the proceeds to pay for the wedding. She receives sales proceeds of $45,000. Her basis in the stock is $50,000. Two weeks later Vicky hears a rumor that Pepsi is going out of business. She decides to repurchase the 1,000 shares of Coke at $47 a share. What is her new basis in the Coke? 4 points QUESTION 20 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. During the year Mary incurred repairs expense of $2,250. What is Mary's basis in the land? 3.5 points QUESTION 21 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. What is Mary's basis in the building? 2 points QUESTION 12 John, who is a cash basis taxpayer, receives January's 2020 rent payment from his tenant on Dec. 27 2019. The tenant informs John that there are not sufficient funds in the account. He asks John not deposit the check until January 5, John includes the January rent in gross income in 2019. True/False John was correct to include the January's rent in his 2019 tax return? True False 2 points QUESTION 13 In May 2018, Jamie invoiced one of her clients $10,000. She instructs her client to make the payment directly to Jamie's mother, Sara. When Sara files her tax return she includes the $10,000 payment from Jamie's client as part of her taxable income. True/False - Sara was correct in including the $10,000 payment in her income? True False 2 points QUESTION 14 Frank is an avid investor. He borrows money to make investments during the year, he incurred $3,500 of interest expense. During the year, he had the following income items $1,000 of qualified dividends, $500 of Interest income from a corporate bond, $200 from a municipal bond and $6,000 of net L/T capital gains. How much of investment interest expense can Frank claim on his return? 0 A $3,500 B. $2,000 C. $3,300 D. $1,500 E. $500 3 points QUESTION 15