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1. Which one of the following does not affect the adjusted basis of a house held as rental property? (Points : 2) depreciation deduction adding a new room to the house painting of more than 50% of the rooms in the home installation of a completely new plumbing system Question 2. 2. Terrell and Michelle are married and living in New York, which is a not a community property state. They jointly own property with an adjusted basis of $240,000. On December 2 of this year, Michelle died when the property had a fair market value of $260,000. Terrell’s basis in the property after Michelle’s death is (Points : 2) $0. $240,000. $250,000. $260,000. Question 3. 3. Joycelyn gave a diamond necklace to her granddaughter Emma. Joycelyn had purchased the necklace in 1980 for $15,000. The FMV of the necklace at the time of the gift was $43,000. After deducting the annual exclusion, the amount of the gift was $30,000. Gift taxes of $10,000 were paid. What is Emma’s adjusted basis in the necklace? (Points : 2) $15,000 $24,333 $25,000 $43,000 Question 4. 4. During the current year, Don’s aunt Natalie gave him a house. At the time of the gift, the house had a FMV of $143,000 and his aunt’s adjusted basis was $133,000. After deducting the annual exclusion, the amount of the gift was $130,000. His aunt paid a gift tax of $20,000 on the house. What is Don’s basis in the house for purposes of determining gain? (Points : 2) $130,000 $133,000 $134,538 $143,000 Question 5. 5. Allison buys equipment and pays cash of $50,000, signs a note of $10,000 and assumes a liability on the property for $3,000. Also, Allison pays an installation cost of $500 and a delivery cost of $800. Allison’s basis in the asset is (Points : 2) $60,000. $63,000. $63,500. $64,300. Question 6. 6. Melody inherited 1,000 shares of Corporation Zappa stock from her mother who died on March 4 of the current year. Her mother paid $30 per share for the stock on September 2, 1995. The FMV of the stock on the date of death was $65 per share. On September 4 of the current year, the FMV of the stock was $70 per share. Melody sold the stock for $85 per share on December 3. The estate qualified for, and the executor elected, the alternate valuation method for these and other assets in the estate. An estate tax return was filed. What was Melody’s basis in the stock on the date of the sale? (Points : 2) $ 30,000 $ 65,000 $ 70,000 $ 85,000 Question 7. 7. Dale gave property with a basis of $16,000 to Sarah when it had a FMV of $12,000. Sarah later sold the property for $22,000 resulting in a recognized gain of (Points : 2) $-0-. $4.000. $6,000. $12,000. Question 8. 8. Edward purchased stock last year as follows: Month Shares Total Cost March 100 $ 270 July 200 600 October 600 $1,200 In April of this year, Edward sells 80 shares for $250. Edward cannot specifically identify the stock sold. The basis for the 80 shares sold is (Points : 2) $160. $184. $216. $240. Question 9. 9. In the current year, Andrew received a gift of property from his uncle. At the time of the gift, the property had a FMV of $113,000 and an adjusted basis to his uncle of $70,000. After deducting the annual exclusion, the amount of the gift was $100,000. Andrew’s uncle paid a gift tax on the property of $24,000. What is the amount of Andrew’s basis in the property? (Points : 2) $70,000 $80,320 $94,000 $124,000 Question 10. 10. Michelle purchased her home for $150,000, and then added a garage costing $25,000 and a new porch costing $5,000. Repairs to the home’s plumbing cost $1,000. The adjusted basis in the home is (Points : 2) $150,000. $151,000. $180,000. $181,000.

1. Which one of the following does not affect the adjusted basis of a house held as rental property? (Points : 2)       depreciation deduction

adding a new room to the house

painting of more than 50% of the rooms in the home

installation of a completely new plumbing system

Question 2. 2. Terrell and Michelle are married and living in New York, which is a not a community property state. They jointly own property with an adjusted basis of $240,000. On December 2 of this year, Michelle died when the property had a fair market value of $260,000. Terrell’s basis in the property after Michelle’s death is (Points : 2)

$0.

$240,000.

$250,000.

$260,000.

Question 3. 3. Joycelyn gave a diamond necklace to her granddaughter Emma. Joycelyn had purchased the necklace in 1980 for $15,000. The FMV of the necklace at the time of the gift was $43,000. After deducting the annual exclusion, the amount of the gift was $30,000. Gift taxes of $10,000 were paid. What is Emma’s adjusted basis in the necklace? (Points : 2)

$15,000

$24,333

$25,000

$43,000

Question 4. 4. During the current year, Don’s aunt Natalie gave him a house. At the time of the gift, the house had a FMV of $143,000 and his aunt’s adjusted basis was $133,000. After deducting the annual exclusion, the amount of the gift was $130,000. His aunt paid a gift tax of $20,000 on the house. What is Don’s basis in the house for purposes of determining gain? (Points : 2)

$130,000

$133,000

$134,538

$143,000

Question 5. 5. Allison buys equipment and pays cash of $50,000, signs a note of $10,000 and assumes a liability on the property for $3,000. Also, Allison pays an installation cost of $500 and a delivery cost of $800. Allison’s basis in the asset is (Points : 2)

$60,000.

$63,000.

$63,500.

$64,300.

Question 6. 6. Melody inherited 1,000 shares of Corporation Zappa stock from her mother who died on March 4 of the current year. Her mother paid $30 per share for the stock on September 2, 1995. The FMV of the stock on the date of death was $65 per share. On September 4 of the current year, the FMV of the stock was $70 per share. Melody sold the stock for $85 per share on December 3. The estate qualified for, and the executor elected, the alternate valuation method for these and other assets in the estate. An estate tax return was filed. What was Melody’s basis in the stock on the date of the sale? (Points : 2)

$ 30,000

$ 65,000

$ 70,000

$ 85,000

Question 7. 7. Dale gave property with a basis of $16,000 to Sarah when it had a FMV of $12,000. Sarah later sold the property for $22,000 resulting in a recognized gain of (Points : 2)

$-0-.

$4.000.

$6,000.

$12,000.

Question 8. 8. Edward purchased stock last year as follows:

Month

Shares

Total Cost

March

100

$ 270

July

200

600

October

600

$1,200

 

In April of this year, Edward sells 80 shares for $250. Edward cannot specifically identify the stock sold. The basis for the 80 shares sold is (Points : 2)

$160.

$184.

$216.

$240.

Question 9. 9. In the current year, Andrew received a gift of property from his uncle. At the time of the gift, the property had a FMV of $113,000 and an adjusted basis to his uncle of $70,000. After deducting the annual exclusion, the amount of the gift was $100,000. Andrew’s uncle paid a gift tax on the property of $24,000. What is the amount of Andrew’s basis in the property? (Points : 2)

$70,000

$80,320

$94,000

$124,000

Question 10. 10. Michelle purchased her home for $150,000, and then added a garage costing $25,000 and a new porch costing $5,000. Repairs to the home’s plumbing cost $1,000. The adjusted basis in the home is (Points : 2)

$150,000.

$151,000.

$180,000.

$181,000.

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