最新のREG問題集で試験を準備する

Fred Berk bought a plot of land with a cash payment of $40,000 and a mortgage of $50,000. In addition,
Berk paid $200 for a title insurance policy. Berk's basis in this land is:

• A. $90,200
• B. $40,200
• C. $40,000
• D. $90,000

Starr, a self-employed individual, purchased a piece of equipment for use in Starr's business. The costs
associated with the acquisition of the equipment were:

What is the depreciable basis of the equipment?

• A. $59,125
• B. $58,400
• C. $59,425
• D. $55,000

Conner purchased 300 shares of Zinco stock for $30,000 in 1980. On May 23, 1994, Conner sold all the
stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss
during 1994. On July 26, 1994, Alice sold the 300 shares of Zinco for $25,000.
What amount of the loss from the sale of Zinco stock can Conner deduct in 1994?

• A. $3,000
• B. $10,000
• C. $5,000
• D. $0

Darr, an employee of Sorce C corporation, is not a shareholder. Which of the following would be included
in a taxpayer's gross income?

• A. Employer-provided medical insurance coverage under a health plan.
• B. The dividend income on shares of stock that the taxpayer received for services rendered.
• C. A $10,000 gift from the taxpayer's grandparents.
• D. The fair market value of land that the taxpayer inherited from an uncle.

Leker exchanged a van that was used exclusively for business and had an adjusted tax basis of $20,000
for a new van. The new van had a fair market value of $10,000, and Leker also received $3,000 in cash.
What was Leker's tax basis in the acquired van?

• A. $17,000
• B. $20,000
• C. $13,000
• D. $7,000