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Petra sells 200 shares of UTP Inc. common stock on December 26, 2021 for $18,000. She had purchased these shares three years earlier for $10,000. Shauna again purchases 200 common shares on January 20, 2022 for $9,000. Petra will not recognize any loss or gain on the stock sale in 2021. Select one: True False
John owns land held as an investment. Property taxes and interest expense that are related to the land are deductible FOR AGI. Select one: True False
Vera worked for BBC Corp for 5 years (2000 to 2005). Her salary was $100,000 per year. She contributed $50,000 in total to her 401k plan. Her e The balance in her account on 12/31/2021 is $300,000. Her employer uses the 6-year graded vested schedule. Vera's vested benefit in her account is $300,000. Select one: True False
Wallace named his daughter Wanda as the beneficiary of his life insurance policy. The policy has a face value of $200,000. When he dies in 2021, she has a choice of taking the $200,000 as a lump sum or receiving 10 annual installments of $22,000. Wanda elects to receive $200,000 in one lump sum. How much income does she report in 2021? Select one: a. $22,000 per year. b. There is no taxable income. c. $200,000 d. $20,000 ($22,000 x 10) - $200,000))
A taxpayer who has a realized gain will recognize that gain either in the current year or in a future year. a. False b. True
Kevin purchased a machine for his business on 3/1/2013 for $20,000. He depreciated it by $5000 before he sold it. He sold the machine for $19,000 on 5/1/2021. Kevin must recognize $5000 as Section 1245 depreciation recapture taxable at ordinary rates. Select one: True False