Yaeger Quiz Wednesday Flashcards
1
Q
If real estate taxes of $5,000 are paid during construction of a building they are…
2) Otherwise they are…
A
Capitalized
2) expensed in the period incurred
2
Q
Government bonds sold sold by an individual investor are…
A
Capital assets
3
Q
Sale of government bonds sold by an investor is reported as…
A
a capital gain
4
Q
Real property that is subdivided and sold by a dealer is considered to be like…
2) therefore it is excluded as a…
A
Inventory
2) excluded as capital asset
5
Q
IRS Publication 5 recommends the taxpayer take what action if the amount of tax does not exceed $25,000?
A
Make a small case request
6
Q
What is included in depreciable property, land or buildings?
A
Buildings
