A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost $35,000 and he has taken $18,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is worth $22,000, so the taxpayer has agreed to pay $2,000 cash in addition to the trade-in. What is the gain or loss recognized by the taxpayer on this transaction?
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .A CPA assists a taxpayer in tax planning regarding a transaction that meets the definition of a tax shelter as defined in the Internal Revenue Code. Under the AICPA Statements on Standards for Tax Services, the CPA should inform the taxpayer of the penalty risks unless the transaction, at the minimum, meets which of the following standards for being sustained if challenged?
A Substantial authority. B Realistic possibility. C Not frivolous. D More likely than not.
2 .Charitable contributions subject to the 50-percent limit that are not fully deductible in the year made may be:
A Neither carried back nor carried forward. B Carried forward indefinitely until fully deducted. C Carried back two years or carried forward twenty years. D Carried forward five years.
3 .Which of the following transportation expenses incurred by an employee is not deductible?
A An employee drives from a first job to second. B An employee flies from San Francisco to Miami on business. C An employee drives from home to his or her office. D An employee drives from his or her office to the office of a client.
4 .Which of the following statements about the child and dependent care credit is correct?
A The child must be under the age of 18 years. B The maximum credit is $600. C The credit is nonrefundable. D The child must be a direct descendant of the taxpayer.
5 .A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost $35,000 and he has taken $12,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is worth $20,000. No other cash or property is exchanged in the transaction. What is the gain or loss realized by the taxpayer on this transaction?
A $0 B $3,000 loss C $15,000 loss D $3,000 gain
7 .Mom and Pop Partnership had the following results during the taxable year:Income from operations $100,000 lossCapital gain from sale of land 25,000Charitable contributions 10,000Junior, a 50% partner, had an adjusted basis of $40,000 at December 31, without regard to the current year income or loss items. In preparing his individual income tax return, Junior should report which of the following amounts?
A Ordinary Loss: $47,500; Capital Gain: $12,500; Charitable Contributions: $5,000 B Ordinary Loss: $32,500; Capital Gain: $0; Charitable Contributions: $0 C Ordinary Loss: $40,000; Capital Gain: $12,500; Charitable Contributions: $5,000 D Ordinary Loss: $50,000; Capital Gain: $12,500; Charitable Con...
8 .Davis, Inc. has had an average annual gross receipts of $8.5 million during Years 1 through 3. During Year 4, Davis pays $9,250 for repairs and improvements on a building it owns with an unadjusted basis of $700,000. The costs do not qualify as routine maintenance. Under the safe harbor rules, how much can Davis deduct as repairs and maintenance in Year 4?
A $5,000 B $500 C $9,250 D $0
9 .Hall, a divorced person and custodian of her 12-year-old child, filed her Year 9 federal income tax return as head of a household. She submitted the following information to the CPA who prepared her Year 9 return:In June, Year 9, Hall's mother gifted her 100 shares of a listed stock. The donor's basis for this stock, which she bought in Year 1, was $4,000, and market value on the date of the gift was $3,000. Hall sold this stock in July, Year 9 for $3,500. The donor paid no gift tax. What was Hall's reportable gain or loss in Year 9 on the sale of the 100 shares of stock gifted to her?
A $500 loss. B $500 gain. C $1,000 loss. D $0
10 .The answer to each of the following questions would be irrelevant in determining whether a tuition payment made on behalf of another individual is excludible for gift tax purposes, except:
A Was the tuition payment made directly to the educational organization? B Was the tuition payment made for a family member? C Was the tuition payment made for a part-time student? D Was the qualifying educational organization located in a foreign country?
