Please answer questions 34 and 35 correctly. Give me the right choices QUESTION 34Lucy goes to Home Depot and buys a new bathtub and tile. She has them professionally installed at her house. Prior to their installation the tub and tile are considered what type property?O a) Real PropertyO b) Intellectual PropertyO c) Personal PropertyO d) Not PropertyQUESTION 35After the tub and tile are installed at Lucy's house, they are considered:O a) Tangible Personal PropertyO b) Fungible PropertyO c) Real PropertyO d) Addled Artifacts

Property refers to the item that is owned by an individual or business legally and has legal title…

Answered: Please answer questions 34 and 35…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 81P

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Similar questions

A2
Ma1. Part 3: Spouse purchased Blackacre, worth $200,000.00, as tenants by the entirety. Spouses purchased Blackacre in 1990. Upon the death of one of the spouses. a. Does an interest in property pass from the decedent o surviving spouse? b. What is the amount of the marital deduction? Part 4: Decedent leaves property in trust, the income to be paid to parent for parent’s life, and at parent’s death, the corpus to be distributed to decedent’s spouse or spouse estate. Does the transfer quality for a marital deduction?
In a community property state, John marries Patricia prior to marriage John owned an SUV during the marriage John bought a Buick. John and Patricia bought a second property with money earned from Patricia's job. Each individual received a motorcycle from Patricia's uncle as a gift. What is community property in this marraige?
U Iiany Question 45 of 50. Sheena owns two rental houses. During the year, she was actively involved in managing the properties. The only service she provides are minor repairs and basic maintenance of the heating, cooling, electrical, and plumbing systems. She is real estate professional. How should Sheena report the rent she received as navment for use of these properties? O Business income, reported on Schedule C. O Investment income, reported on Schedule D. Passive income, reported on Schedule E. Other income, reported on Schedule 1. Mark for follow up
timed task, need help thanks
Valerie exchanges a building and land (used in her business) for Vanessa’s land and building and some equipment (used in her business). The assets have the following values: Provide the final answers to the questions below. Show your work. Adjusted Basis Fair Market Value Valerie's real property $9,760 $24,400 Vanessa's real property $4,880 $19,520 Equipment $4,392 $7,320 What are Valerie’s recognized gain or loss and basis for the land and building and equipment acquired from Vanessa? What are Vanessa's recognized gain or loss and basis for the land and building acquired from Valerie? Given Valerie’s gain/loss and the potential tax implications, do you recommend she makes this exchange?
Question 78 of 85. Choose the response that correctly describes a condition, or conditions, that must be met for property to be considered depreciable. The property must be an item that will eventually wear out, get used up, become obsolete, or otherwise lose its value. The taxpayer must place the property in service and dispose of it within the same year. The taxpayer must either rent or own the property and use it in their business or in an income-producing activity. The useful life of the property must not exceed one year.
Question #5 of 85 Your client wants to purchase a residence for his aging parents, while minimizing the burden of ownership of the property for them and maximizing their enjoyment of it. Which one of the following states an advantage of titling the property in your client's name as sole owner rather than in joint tenancy with right of survivorship with his parents? A) He will avoid gift tax liability by titling the property this way. B) The property will pass to his parents outside of probate. C) The property will receive a step-up in basis when his parents die. D) His parents will have a life estate in the property if he predeceases them.
Please answer these questions , give me the right answers (choices) please
Please answer these questions, give me the right answers ( choices) please
1
#54 of 85 Question ID: 1251845 Last year, your client and his wife gave their adult son a one-third interest in a commercial office building. Each has a one-third interest as tenants in common. If your client dies while still owning the property as a tenant in common, an estate tax implication of this form of property ownership is that A) one-third of the value of the property will be included in your client's gross estate. B) one-half of the value of the property will be included in your client's gross estate. C) the entire value of the property will be included in your client's gross estate because his estate cannot prove contribution by the other tenants in common. D) your client's estate will be entitled automatically to a marital deduction of one-half of the date-of-death value.

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