Quiz 23, 35-37

Question 1

Commercial buildings under MACRS placed in service after 93 are…2

Answer 1

1 Depreciated over 39 years

2 using the mid month convention

Question 2

How many personal exemptions can a married couple take that has a dependent child?

Answer 2

3

Question 3

For membership of the Public Company Accounting Oversight Board, the chairman may be a CPA if…

Answer 3

The Individual has not practiced as a CPA for 5 years

Question 4

Income from the cancellation of debt elections are determined by…

Answer 4

The partners individually

Question 5

The basis of property acquired by gift when it is subsequently sold at a loss is the lesser of…2

Answer 5

1 donor’s basis or

2 value at time of gift

Question 6

Under the uniform capitalization rules what 4 items are capitalized as part of the cost of inventory?

Answer 6

1 indirect labor
2 indirect materials
3 purchasing costs
4 engineering

Question 7

For determining items to include in ordinary partnership income, items allocated differently from general profit and loss ratio must…

Answer 7

Be separately stated

Question 8

Transportation expenses can be deducted when going to…

Answer 8

A temporary work site

Question 9

Office buildings are considered what kind of buildings for MACRS depreciation?

Answer 9

Commercial buildings