You are buying a new house and find that you have to pay a 2% origination fee. This fee is deductible as interest in the itemized deduction section. Select one: True False You and your spouse bought a stock five years ago for $5,000. You are now getting divorced and you are getting the stock and your spouse is getting other assets to compensate. The current value, at the date of transfer from your spouse, is $25,000. Who will have to pay tax on this gain? a. you paid the tax on the appreciation at the time of the divorce so nothing unless the value increases beyond $25,000 b. depends on the basis of the assets you surrendered c. you will pay one-half of the tax when you sell it and your spouse will pay the tax on the other half d. If the value holds at $25,000, no one since this was the value at the time of the divorce e. you will pay 100% of the tax when the stock is sold You purchase equipment for $10,000 and it does not work so you sell it for scrap getting a total of $1,000. All happened in year one, so no depreciation. You have no other $1231 transactions for the year. What is your loss deduction. a. $9,000 b. none until you claim the depreciation and then recapture it since the asset was disposed off in this year c. $3,000 this year and the remaining $7,000 will be carried over to future years ($3,000 limit per year) d. $3,000 this year and the remaining $6,000 will be carried over to future years ($3,000 limit per year) e. $10,000