question archive 13)Enrique Hammond exchanged his fully depreciated business-use condominium (FMV $90,000) and $7,000 for an office building (FMV $97,000)
13)Enrique Hammond exchanged his fully depreciated business-use condominium (FMV $90,000) and $7,000 for an office building (FMV $97,000)
Subject:AccountingPrice: Bought3
13)Enrique Hammond exchanged his fully depreciated business-use condominium (FMV $90,000) and $7,000 for an office building (FMV $97,000). What is his gain realized and the gain recognized on the exchange?
A. $90,000 and $0
B. $0 and $97,000???
C. $90,000 and $7,000
D. $5,000 and $90,000
14.Which of the following items increases the basis of property received in a partially nontaxable exchange?
A. Liabilities transferred.
B. Cash paid in the exchange.
C. Cash received in the exchange.
D. Recognized loss on the taxable portion of the exchange.
15.Generally, the basis of property received in a fully nontaxable exchange is:
A. The FMV of the property given up.
B. The FMV of the property received.
C. The adjusted basis of the property given up.
D. The greater of the FMV or the adjusted basis of the property given up
16.Which of these S corporations is required to file Schedule L, Balance Sheet per Books?
A. Barron, Inc. has total receipts of $236,489 and total assets of $199,999 at the end of the tax year.
B. Hancock, Inc. has total receipts of $198,437 and total assets of $239,761 at the end of the tax year.
C. Parkes, Inc. has total receipts of $224,852 and total assets of $249,793 at the end of the tax year.
D. Safia, Inc. has total receipts of $251,358 and total assets of $315,005 at the end of the tax year.
