100% Original, Plagiarism Free, Tailored to your instructions

Order Now!

Question Simonne, a single taxpayer, bought her home in La Jolla 25 years

QuestionSimonne, a single taxpayer, bought her home in La Jolla 25 years ago for $55,000. She has lived continuously in the home since she purchased it. In the current year, she sells her home for $405,000. What is Simonne’s taxable gain on the sale?$0$90,000$100,000$350,000 Question 3The exchange of shares of stock does not qualify for like­kind exchange treatment.TrueFalse Question 4 Sol purchased land as an investment on January 12, 2010 for $85,000. On January 31, 2015, Sol sold the land for $90,000 cash. What is the nature of the gain or loss?Long-term capital lossLong-term capital gainShort-term capital gainShort-term capital lossNone of the above Question 5If a capital asset acquired on October 27, 2007 is sold on April 30, 2015 for a gain, the gain is a long­term capital gain.TrueFalse Question 6Jerry bought his home 15 years ago for $60,000. Three years ago Jerry married Debbieand she moved into the same house and has lived there since. If they sell Jerry’s house in the current year for $340,000, what is their taxable gain on a joint tax return?$0$280,000 $155,000$30,000 Question 7Robert and Becca are in the 25 percent tax bracket. They have a long­term capital gain of $28,000 and a long­term capital loss of $17,000 on sales of stock in the current year. What will their capital gains tax be in the current year?$1,650$2,200$2,750$11,000None of the above is correct Question 8Which of the following statements is correct with respect to the deferral provisions of thetax law?The like-kind exchange provision is elective.The involuntary conversion provision is elective.The exclusion of gain on the sale of a personal residence is elective.Both the like-kind exchange and the involuntary conversion provisions are elective.None of the above. Question 9Which one of the following qualifies as a like­kind exchange?A chicken held by a farmer exchanged for medical services.A home owned and lived in by a taxpayer exchanged for a new personal residence.IBM stock exchanged for Exxon stock.A Dodge Ram pickup truck used in business traded in for a new Ford F-250 pickup truckalso intended for business use.None of the above are like-kind property. Question 10Which of the following is true about capital gains?Short-term capital gains are not netted with other capital gains and losses. For 2015, long-term capital gains are subject to special tax treatment.Long-term capital gains are never taxed.Net short-term capital gains are not netted with net long-term capital losses.None of the above. Question 11The adjusted basis of an asset may be determined by the:Selling price + gain realized.Selling price – gain realized.Selling price + capital improvements – accumulated depreciation.Original basis + capital improvements – selling price.None of the above. Question 12Simon sold investment property 2 years ago for $750. Simon’s basis in the property was$200. Simon is receiving $150 per year from the buyer. Simon reports this income on the installment method. If Simon collects $150 in principal during the current year, how much gain should he report from the sale for the year?$0$75$90$110None of the above Question 13Martha has a net capital loss of $20,000 and other ordinary taxable income of $45,000 for the current tax year. What is the amount of Martha’s taxable income after deducting the allowed capital loss?$28,000$38,000$42,000$45,000None of the above Question 14If not entirely used in one sale, the unused portion of the $250,000 exclusion on the saleof a taxpayer’s principal residence may be used to reduce the recognized gain on the saleof the taxpayer’s next residence.TrueFalse Question 15For purposes of determining the adjusted basis of a capital asset at the time of its sale,Capital improvements are added to the basis.Ordinary repairs reduce the adjusted basis.Accumulated depreciation is added to the basis.The basis does not include costs such as title insurance and escrow fees related to the initialpurchase. Question 16Terry has a casualty gain of $1,000 and a casualty loss of $5,500, before the $100 floor and before the adjusted gross income limitation. The gain and loss were the result of two separate casualties occurring during the current year and both properties were personal­use assets. If Terry itemizes deductions on her current year return and has adjusted gross income of $25,000, what is Terry’s gain or net itemized deduction as a result of these casualties?$5,300 itemized deduction, $1,000 capital gain$1,900 itemized deduction$1,800 itemized deduction$2,800 itemized deduction, $1,000 capital gainNone of the above Question 17Johnny owned a gas station with an adjusted basis of $300,000. After it was destroyed in a fire, he received $560,000 from the insurance company. Within the next year, he bought a new gas station for $500,000. What is Johnny’s taxable gain and what is the basis in the new building?$260,000; $500,000 $200,000; $300,000$60,000; $300,000$260,000; $300,000$60,000; $500,000 Question 18Which of the following is not true about capital assets?Real property used in a trade or business is not a capital asset.Capital losses may be carried back for 3 years to offset capital gains in those years.For 2015, net long-term capital gains are granted preferential tax treatment.Individual taxpayers may deduct net capital losses of up to $3,000 per year.Shares of stock held for investment are capital assets. Question 19If a taxpayer is relieved of a liability on the disposition of property, the amount of the liability should be included in the amount realized on the sale or other disposition.TrueFalse Question 20A net long­term gain from the theft of a Section 1231 asset is treated as a Section 1231 gain.TrueFalse

Our Service Charter

  1. Excellent Quality / 100% Plagiarism-Free

    We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers.
  2. Free Revisions

    We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed.
  3. Confidentiality / 100% No Disclosure

    We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service.
  4. Money Back Guarantee

    If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit.
  5. 24/7 Customer Support

    We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.

Excellent Quality
Zero Plagiarism
Expert Writers

Instant Quote

Instant Quote
Single spaced
approx 275 words per page
Urgency (Less urgent, less costly):
Total Cost: NaN

Get 10% Off on your 1st order!