Saint LEO ACC421 Exam 5 Quiz
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Saint LEO ACC421 Exam 5 Quiz 1
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Question
Question 1
The key date for calculating cost recovery is the date the asset is placed in service.
1) True
2) False
Question 2
Doug purchased a new factory building on January 15, 1990, for $400,000. On March 1, 2016, the building was sold. Determine the cost recovery deduction for the year of the sale; Doug did not use the MACRS straight-line method.
1) $0
2) $1,587
3) $2,645
4) $12,696
5) None of the above
Solution: .03174×$400,000×2.5/12 = $2,645.
Question 3
Residential rental real ...
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Saint LEO ACC421 Exam 5 Quiz•Saint LEO ACC421 Exam 5 Quiz
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Question
Question 1
The key date for calculating cost recovery is the date the asset is placed in service.
1) True
2) False
Question 2
Doug purchased a new factory building on January 15, 1990, for $400,000. On March 1, 2016, the building was sold. Determine the cost recovery deduction for the year of the sale; Doug did not use the MACRS straight-line method.
1) $0
2) $1,587
3) $2,645
4) $12,696
5) None of the above
Solution: .03174×$400,000×2.5/12 = $2,645.
Question 3
Residential rental real ...