1.
Вопрос 1
After the TCJA, bonus depreciation can be taken on which of the following:

1 балл

(a) New office building


(b) Used office furniture


(c) New printing equipment


(d) Both (a) and (b)


(e) Both (b) and (c)

2.
Вопрос 2
Section 179 depreciation can be taken on which of the following:


1 балл

(a) Used office building


(b) Used office furniture


(c) New printing equipment


(d) Both (a) and (b)


(e) Both (b) and (c)

3.
Вопрос 3
From 2018–2022, the amount of first year bonus depreciation that can be taken on non-residential real estate placed into service is:

1 балл

(a) 0%


(b) 25%


(c) 50%


(d) 75%


(e) 100%

4.
Вопрос 4
From 2018–2022, the amount of bonus depreciation that can be taken the year a new personalty asset is placed into service is:

1 балл

(a) 0%


(b) 25%


(c) 50%


(d) 75%


(e) 100%

5.
Вопрос 5
If a taxpayer placed into service a passenger automobile costing $100,000 on March 1, 2018, and used it for 100% business, then what is the maximum amount of depreciation that can be taken in 2018?

1 балл

(a) $3,160


(b) $5,100


(c) $11,160


(d) $18,000


(e) $60,000

6.
Вопрос 6
Annual depreciation limits do not apply to vehicles weighing over how many pounds?

1 балл

(a) 2,000 lbs


(b) 4,000 lbs


(c) 6,000 lbs


(d) 8,000 lbs


(e) 10,000 lbs

7.
Вопрос 7
For 2018, what is the maximum Section 179 deduction?

1 балл

(a) $500,000


(b) $510,000


(c) $750,000


(d) $1,000,000


(e) $2,500,000

8.
Вопрос 8
How is a purchased intangible amortized for tax purposes if it is amortized over 10 years for GAAP purposes:

1 балл

(a) 200% double declining balance over 5 years


(b) 200% double declining balance over 7 years


(c) 150% double declining balance over 10 years


(d) Straight-line over 15 years


(e) Straight-line over 20 years

9.
Вопрос 9
After business operations begin, how much startup expense can then be immediately expensed if the taxpayer had a total of $54,000 in startup expenses?

1 балл

(a) $0


(b) $1,000


(c) $3,000


(d) $5,000


(e) $50,000

10.
Вопрос 10
If a taxpayer incurs $54,500 in startup expenses before beginning his business on January 31, 20x1, then how much amortization can he take in 20x2?

1 балл

(a) $300


(b) $500


(c) $800


(d) $3,600


(e) $4,100

11.
Вопрос 11
Hector acquires a uranium mine for $50,000,000 with 5,000 tons of estimated recoverable uranium. During the year, Hector extracts 700 tons of uranium and is able to sell 500 tons of uranium for $35,000,000. Other deductible business expenses are $15,000,000. The depletion percentage for uranium is 22%. Under the cost depletion method, you multiply the equation by how many units:

1 балл

(a) The 200 tons that were extracted but not sold


(b) Just the 500 tons sold


(c) Half the tons sold plus half the tons extracted or 600 tons


(d) Just the 700 tons extracted


(e) The 5,000 estimated recoverable tons

12.
Вопрос 12
Hector acquires a uranium mine for $50,000,000 with 5,000 tons of estimated recoverable uranium. During the year, Hector extracts 700 tons of uranium and is able to sell 500 tons of uranium for $35,000,000. Other deductible business expenses are $15,000,000. The depletion percentage for uranium is 22%. If the cost depletion method were used, what would be the depletion deduction:

1 балл

(a) $5,000,000


(b) $7,000,000


(c) $7,700,000


(d) $15,000,000


(e) $20,000,000