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Quiz 3
1.
Kip started a wholesale store this year selling bulk peanut butter. In January of this year Kip purchased an initial five tubs of peanut butter for a total cost of $5,000. In July Kip purchased three tubs for a total cost of $6,000. Finally, in November Kip bought two tubs for a total cost of $1,000. Kip sold six tubs by year end. What is Kip’s ending inventory under the FIFO cost-flow method?
17.
The MACRS recovery period for automobiles and computers is:
[removed]3 years[removed]5 years[removed]7 years[removed]10 years[removed]None of these 18. Each of the following is true except for:[removed]A direct involuntary conversion occurs when property taken under imminent domain is replaced with other property.[removed]Qualified replacement property rules are more restrictive than the like-kind property rules.[removed]An indirect involuntary conversion occurs when property is destroyed and insurance proceeds are used to purchase qualified replacement property.[removed]Losses realized in involuntary conversions are deferred.[removed]All of these are true.
19.
Which one of the following is not a requirement of a deferred like-kind exchange?
[removed]The like-kind property to be received must be identified within 45 days.[removed]The exchange must be completed within the taxable year.[removed]The like-kind property must be received within 180 days.[removed]A third party intermediary is often used to facilitate the exchange.[removed]All of these.
20.
What is the primary purpose of a third-party intermediary in a deferred like-kind exchange?
[removed]To facilitate finding replacement property.[removed]To help acquire the replacement property.[removed]To prevent the seller from receiving cash (boot) that will taint the transaction.[removed]To certify the taxpayer’s Form 8824.[removed]All of these.
21.
Which of the following sections recaptures or recharacterizes only corporate taxpayer’s gains?
[removed]§291.[removed]§1239.[removed]§1245.[removed]Unrecaptured §1250 gains.[removed]None of these. 22. Which of the following is not true regarding installment sales?[removed]Only gains are eligible for installment sale reporting.[removed]Depreciation recapture is deferred in an installment sale.[removed]The gross profit percentage is needed to determine the annual gain recognized.[removed]Stock sales are ineligible for installment sale treatment.[removed]None of these. 23. Brad sold a rental house that he owned for $250,000. Brad bought the rental house five years ago for $225,000 and has claimed $50,000 of depreciation expense. What is the amount and character of Brad’s gain or loss?[removed]$25,000 ordinary and $50,000 unrecaptured §1250 gain.[removed]$25,000 §1231 gain and $50,000 unrecaptured §1250 gain.[removed]$75,000 ordinary gain.[removed]$75,000 capital gain.[removed]None of these. 24. Leesburg sold a machine for $2,200 on November 10th of the current year. The machine was purchased for $2,600. Leesburg had taken $1,200 of depreciation deductions. What is Leesburg’s gain or loss realized on the machine?[removed]$800 gain.[removed]$1,000 gain.[removed]$1,200 loss.[removed]$1,400 loss.[removed]None of these. 25. Which of the following is not used in the calculation of the amount realized:[removed]Cash.[removed]Adjusted basis.[removed]Fair market value of other property received.[removed]Buyer’s assumption of liabilities.[removed]All of these. Bottom of Form 
11 years agoReport issueACCT323 quiz 3 (100% score)NOT RATEDPurchase the answer to view it
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