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Your grandmother just gave you a building and land that you will use in your business. She paid $50,000 for the building and claimed $10,000 in depreciation. The fair value at the time of her gift was $100,000. What is your basis? a. $100,000 b. $10,000 c. nothing, you did not pay for it d. $40,000 e. $50,000 You inherited a computer and copier that you do not need in your business. You donate to your church for your pledge. What type of category does this fit in? a. $1221 property b. §1231-1250 property c. none of the answers are correct d. §1231-1245 property e. §1231- ordinary property f. ordinary property You own a painting that you just had appraised for $5,000. You bought this painting five years ago for $1,000. You give this to your church and they sell it 2 years from now for $6,000. What is your charitable deduction, if you can itemize? a. $6,000 b. short term capital loss of $4,000 c. $1,000 d. $5,000 e. none

Your grandmother just gave you a building and land that you will use in your business. She paid $50,000 for the building and claimed $10,000 in depreciation. The fair value at the time of her gift was $100,000. What is your basis? a. $100,000 b. $10,000 c. nothing, you did not pay for it d. $40,000 e. $50,000 You inherited a computer and copier that you do not need in your business. You donate to your church for your pledge. What type of category does this fit in? a. $1221 property b. §1231-1250 property c. none of the answers are correct d. §1231-1245 property e. §1231- ordinary property f. ordinary property You own a painting that you just had appraised for $5,000. You bought this painting five years ago for $1,000. You give this to your church and they sell it 2 years from now for $6,000. What is your charitable deduction, if you can itemize? a. $6,000 b. short term capital loss of $4,000 c. $1,000 d. $5,000 e. none

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Your grandmother just gave you a building and land that you will use in your business. She paid $50,000 for the building and claimed $10,000 in depreciation. The fair value at the time of her gift was $100,000. What is your basis? a. $100,000 b. $10,000 c. nothing, you did not pay for it d. $40,000 e. $50,000 ribed Text You inherited a computer and copier that you do not need in your business. You donate to your church for your pledge. What type of category does this fit in? a. §1221 property b. §1231-1250 property c. none of the answers are correct d. §1231-1245 property e. §1231- ordinary property f. ordinary property You own a painting that you just had appraised for $5,000. You bought this painting five years ago for $1,000. You give this to your church and they sell it 2 years from now for $6,000. What is your charitable deduction, if you can itemize? a. $6,000 b. short term capital loss of $4,000 c. $1,000 d. $5,000 e. none
Transcribed Image Text:Your grandmother just gave you a building and land that you will use in your business. She paid $50,000 for the building and claimed $10,000 in depreciation. The fair value at the time of her gift was $100,000. What is your basis? a. $100,000 b. $10,000 c. nothing, you did not pay for it d. $40,000 e. $50,000 ribed Text You inherited a computer and copier that you do not need in your business. You donate to your church for your pledge. What type of category does this fit in? a. §1221 property b. §1231-1250 property c. none of the answers are correct d. §1231-1245 property e. §1231- ordinary property f. ordinary property You own a painting that you just had appraised for $5,000. You bought this painting five years ago for $1,000. You give this to your church and they sell it 2 years from now for $6,000. What is your charitable deduction, if you can itemize? a. $6,000 b. short term capital loss of $4,000 c. $1,000 d. $5,000 e. none
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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