I have a review for my final for my accounting class. The review didn’t include answers. I’m going through it and want to make sure I’m getting the questions correct. I’ve attached the document wit

I have a review for my final for my accounting class. The review didn’t include answers. I’m going through it and want to make sure I’m getting the questions correct. I’ve attached the document with the questions. Any help would be appreciated. THanks!!!

ATTACHMENT PREVIEW

Download attachment

Quiz
Note:
It is recommended that you save your response as you complete each question.
Question 1
(8 points)
Section 179 expense is subtracted from the property’s basis before the MACRS
depreciation is computed.
Question 1 options:
1) True
2) False
Save
Question 2
(8 points)
Bonus depreciation cannot be taken on property used 50% or less for business.
Question 2 options:
1) True
2) False
Save
Question 3
(8 points)
Individual taxpayers deduct expenses related to a rental activity from gross
income to arrive at AGI.
Question 3 options:
1) True
2) False
Save
Question 4
(8 points)
Regardless of the number of passive activities the taxpayer owns, taxpayers file
only one Form 8582.
Question 4 options:
1) True
2) False
Save
Question 5
(8 points)
A taxpayer cannot recognize the loss on the sale of stock if the taxpayer
purchases substantially identical stock within 60 days before or 60 days after the
sale.
Question 5 options:
1) True
2) False
Save
Question 6
(8 points)

Unlock Solution Unlocking…

For purposes of the wash sale rules, substantially identical securities are always
securities in the same company.
Question 6 options:
1) True
2) False
Save
Question 7
(8 points)
An individual’s current year capital loss from investment property not offset
against capital gains and ordinary income is carried forward indefinitely.
Question 7 options:
1) True
2) False
Save
Question 8
(8 points)
An individual’s net long-term capital losses retain their long-term status when
carried over to a future year.
Question 8 options:
1) True
2) False
Save
Question 9
(8 points)
The monthly penalty for failing to file a timely tax return is less severe than the
monthly penalty for late payment of taxes.
Question 9 options:
1) True
2) False
Save
Question 10
(8 points)
Employers with more than 10 full-time equivalent (FTE) employees must reduce
their small employer health insurance credit by 4% for each FTE employee in
excess of 10.
Question 10 options:
1) True
2) False
Save
Question 11
(8 points)

Show entire document

Leave a Comment