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| Teaching Since: | May 2017 |
| Last Sign in: | 402 Weeks Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
32)Which of the following assets are eligible for A?§179 expensing?
A) Used office Machinery B) Qualified leashold impovements C) New delivery truck D) Used office furniture E) All of these
33) Potomac LLC purchased an automobile for $30,000 on August 5, 2014. What is Potomac's depreciation expense for 2014 (ignore any possible bonus depreciation)?
A)
| $3,160 | ||||||||||
| B) | $4,287 | |||||||||
| C) | $6,000 | |||||||||
| D) | $30,000 | |||||||||
| E) |
None of these 34) David gave his daughter in 2014 100 shares of Kean, Inc. stock that he bought in 2010 for $10,000. At the time of the gift, the stock was worth $25,000. His daughter sold the stock in 2014 for $26,000. What is her reported gain and classification? A) 0 B) 16,000 short term C) 16,000 long term D) 1,000 short term E) 1,000 long term 35) David died in 2014 and bequethed to his daughter 100 shares of Kean, Inc. stock that he bought in 2010 for $10,000. At the time of his death, the stock was worth $25,000. His daughter sold the stock in 2014 for $26,000. What is her reported gain and classification? A) 0 B) 16,000 long term C) 1,000 short term D) 1,000 long term
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