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Unformatted text preview: ACCTG 321 Spring 2010 Quiz #5 Version A 1. The goal of tax planning is tax minimization. a. True b. False 2. Which of the following is not used in the calculation of the amount realized: a. Cash. b. Adjusted basis. c. Fair market value of other property received. d. Buyer's assumption of liabilities. e. All of the above. 3. Which of the following is not usually included in an asset's tax basis? a. Purchase price b. Sales tax c. Shipping costs d. Installation costs e. All of the above 4. Which of the following is how gain or loss realized is calculated? a. Cash less selling costs. b. Cost basis less cost recovery. c. Cash less cost recovery. ACCTG 321 Spring 2010 Quiz #5 Version A d. Amount realized less adjusted basis. e. None of the above. 5. Under 1231, which of the following assets will receive capital gain treatment: a. A personal residence b. Equipment used in a trade or business held for more than 1 year c. A postage stamp collection d. U.S. Government securities held for investment 6. After netting 1231 gains and losses if the result is a net gain then all of those 1231 gains and losses are treated as:...
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- Spring '08