By signing my name below, I affirm that I have not accepted or discussed and will not provide or discuss information about the contents of this assignment from, to, or with another student. Print Your NameClearly:_______________________Signature: _______________________ Print Your Section Number (e.g. T/TH 9 am or Sec. 006): ______________________________ Assignment 7 (Chapter 11) (Total Possible Points: 100) ACCT 351/551 Note: You can turn in either typed or handwritten homework.However, make sure the different problems and answers are clearly marked. If a multipart question, make sure it is clear which part the answer relates to. In addition, make sure to circle, highlight, or double underline your final answers.If you make it too difficult to find the answer within your work, I will not count the answer correct. If you have multiple answers, I will not count it correct even if one of the answers is correct. Staple multiple pages together and make sure your name is on each page. If pages come loose without a name, the grading will be only on what is left attached. Show your workthroughout. If your answer is wrong and you do not show your work, then I cannot offer any partial credit. Round dollar amounts to the nearest cent ($3,500.0372 $3,500.04). Round percentages to the second decimal place (e.g. 35.027956%35.03%). For all problems, assume the taxpayer of interest would always prefer to have lower taxable income (have a lower tax liability) in the current year whenever possible. 1.Identify the character of each of the following assets based on the information given. You can use each character classification more than once. (2 points each) Asset descriptionCharacter A company acquired land in 2011 and had its office built onthe land. The office and land were sold in 2017. (The asset I’m asking about here is the land.) b. A family acquired land in 2013 by the beach and had avacation home built on the land. The vacation home and land were sold in 2015. (The asset I’m asking about here is the land.) d. A company purchased a computer on February 14, 2016 forone employee who uses it solely for business purposes but sold it on November 15, 2016 when the employee quit. a. Municipal bond purchased on December 21, 2015 and soldon October 26, 2016. c. Five shares of stock purchased on January 15, 2017 andsold on June 30, 2017. c. a.Ordinary asset b.Sec. 1231 asset c.Short-term capital asset d.Long-term capital asset 1
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