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ACC 401 Week 3 Quiz (Ashford)

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ACC 401 Week 3 Quiz (Ashford)

  1. What is the basis of artistic works that have been gifted to another by the creator?
  2. Mario owns a home in Park City, Utah, that he rented for $1,600 for three weeks during the summer. He lived there for a total of 120 days and the rest of the year, the house was vacant. The expenses for the home included $6,000 in mortgage interest, $900 in property taxes, $1,300 in maintenance and utilities, and $3,500 in depreciation. How much net rental income or loss from the Park City home would Mario report for the current year? Use the IRS method for allocating expenses.
  3. If an activity is considered a hobby, which of the following is true?
  4. Hugh and Mary own a cabin in Big Bear that they rented for 45 days at $4,500. They used the cabin for personal use for 30 days during the year. The allocated expenses related to the cabin of $6,000, resulting in a net loss of $1,500 for this rental activity. What is the proper tax treatment of these amounts by Hugh and Mary?
  5. Francisco sells a parcel of land for $90,000 cash and the buyer also assumes Francisco's liability of $10,000. The basis of his land is $60,000. What is the gain or loss realized on the sale?
  6. Which of the following is incorrect regarding luxury automobile limitations?
  7. May owns a four-plex in Garden Grove, CA. She rents out 3 units and lives in the fourth. Her income and expenses for the entire four-plex are as follows: mortgage interest $8,200, property taxes $9,000, insurance $3,000, utilities $2,000, repairs and maintenance $1,000, depreciation on the entire complex of $5,000, and rental income of $25,000. What amount of net rental income or loss should May report on her current tax return?
  8. If inventory is a material amount, what method of accounting is acceptable for a sole proprietorship to use?
  9. Which of the following properties is not eligible for the §179 expense election when purchased?
  10. Georgia owns a home in Colorado that she rents for $1,200 per month (she does not use the home personally). While she was in Europe in November, the roof in her rental home leaked and her tenant repaired it for $900. For the following month's rent (December), her tenant paid her $300 for rent ($1,200 - $900). What amounts should Georgia include for rental income and repair expense, respectively, for December?

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