You sell inventory from your Schedule C business through a third party for $1,000. This third party charges a 1% fee on every transaction. What gross proceeds should be reported on your Schedule C? $10 $800 $990 $1,000 Which property scenario does not create a capital loss? Property was seized by the government 3 years after original purchase. Property condemned by the government 5 years after original purchase Property abandoned by the taxpayer 10 years after original purchase. Property demolished by the taxpayer 2 years after purchase to build new structure. Neither C nor D create a capital loss. You own GM stock which has become de-listed on the New York Stock Exchange on September 2, 2016. This was because GM declared bankruptcy on the same day. You feel these events have now given you enough support to declare the GM stock worthless and have the IRS accept your position. You bought 500 shares on 2/27/2014 for $10 a share. You bought another 100 shares for $5 a share on 12/15/2015. Finally, you bought another 100 shares for $1 a share on 4/3/2016. How much will your long-term capital loss be? a. $5.000 b. $5, 500 C. $5, 600 d. $0 You have been told that to get your next promotion you would need a special certification, luckily SIU offers the certification. Since this position is in your current line of work and it's a minimum requirement for the position you can treat tuition and other educational costs as an employee business expense. a. True b. False You are a CPA at a Big 4 firm. They give you cubicle space but you are largely left alone on how you perform your work. You have a space that you use 100% for frim-related business in your home. Do you qualify for a home office deduction? a. Yes b. No