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Unformatted text preview: Personal expenses are only deductible if the tax laws specifically state that they are. Answer Correct Answer: True Question 2 0 out of 5 points Nonresidential realty costing $300,000 was placed in service three years ago, and was sold on March 25 of the current year. Current year depreciation expense with respect to the real estate will be: Answer Correct Answer: $1,603 Question 3 0 out of 5 points Last year, a corporation purchased an office building for $220,000, of which $30,000 was allocated to the land on which the building was located. The building's salvage value was estimated to be $50,000. The corporation's current year depreciation deduction for the building is: Answer Correct Answer: $4,872 Question 4 0 out of 5 points If a taxpayer drives 10,000 business miles during 2011, and uses the standard mileage method, the taxpayer's deduction is: Answer Correct Answer: $5,100 Question 5 5 out of 5 points Research and experimental expenditures connected with a trade or...
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This note was uploaded on 03/21/2012 for the course ACCOUNTING 4101 taught by Professor Bell during the Spring '12 term at FIU.
- Spring '12