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| Teaching Since: | May 2017 |
| Last Sign in: | 402 Weeks Ago, 2 Days Ago |
| Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
1. What are Susie’s deductible moving expenses for 2012 if she spends $4,000 for packing and moving household goods, $1,200 to break the lease on her apartment, and $1,500 to store the household goods for 45 days? In April she drove her car 1,400 miles to her new home and spent $250 for motels and $80 for meals while traveling to the new home. a. $4,572 b. $5,572 c. $6,152 d. $7,272 2. Joan gives an asset valued at $12,000 with a basis of $10,000 to Mary; Joan dies six-months later leaving an asset valued at $10,000 with a basis of $12,000 to Larry. What are Mary’s’ and Larry’s bases in these assets? a. Mary = $12,000; Larry = $12,000 b. Mary = $12,000; Larry = $10,000 c. Mary = $10,000; Larry = $12,000 d. Mary = $10,000; Larry = $10,000 3. Wesley sold a piece of property for $30,000 cash paying a $3,000 sales commission. The buyer assumed Wesley’s $13,000 mortgage on the property. Wesley had purchased the property for $15,000 and had invested an additional $6,000 in it. What is Wesley’s realized gain on the sale? a. $6,000 b. $9,000 c. $19,000 d. $22,000
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