CHAPTER 5 QUIZ GRADED

CHAPTER 5 QUIZ GRADED - 1. phft24i1.543

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1. phft24i 1.5-43 Antonio owns land held for investment with a basis of $28,000. The city o of eminent domain and Antonio receives a payment of $48,000. What is  Student  Response Value Correct Answer Feedback A.  $48,000 0% B.  $20,000 100% C.  $28,000 0% D.  $0 0% Score: 1/1  Comments: 2. phft24i 1.5-44 Will exchanges a building with a FMV of $80,000, a basis of $35,000, an $30,000 for land with a FMV of $50,000 owned by Jane. The amount rea Student  Response Value Correct Answer Feedback A.  $50,000. 0% B.  $80,000. 100% C.  $35,000. 0% D.  $30,000. 0% Score: 1/1  Comments: 3. phft24i 1.5-45 Richard exchanges a building with a FMV of $75,000, a basis of $35,000 $25,000 for land with a FMV of $50,000 owned by Bill. What is the amou Student  Response Value Correct Answer Feedback
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Student  Response Value Correct Answer Feedback B.  $40,000 100% Amount realized $75,00 gain.  C.  $25,000 0% D.  $15,000 0% Score: 1/1  Comments: 4. phft24i 1.5-46 Jack exchanged land with an adjusted basis of $65,000 subject to a liabi (FMV) of stock owned by Hayden. Hayden takes the land subject to the l selling expenses. What is the amount of Jack's realized gain on the exch Student  Response Value Correct Answer Feedback A.  $7,000 gain 0% B.  ($14,000)  loss 0% C.  $6,500 gain 100% Amount realized: FMV of stock received $ Liability assumed by Ha Less: Selling expenses ( Amount realized $71,500 Adjusted basis  Gain realized $ 6,500  D.  ($14,500)  loss 0% Score: 1/1  Comments: 5. phft24i 1.5-47 Michelle purchased her home for $150,000, and subsequently added a g
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is  Student  Response Value Correct Answer Feedback A.  $181,000. 0% B.  $180,000. 100% C.  $150,000. 0% D.  $151,000. 0% Score: 1/1  Comments: 6. phft24i 1.5-48 Which one of the following does not affect the adjusted basis of a house  Student  Response Value Correct Answer Feedback A.  installation of  a completely  new plumbing  system 0% B.  adding a new  room to the  house
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This note was uploaded on 03/24/2012 for the course ACC 314 taught by Professor Dee during the Spring '12 term at Gardner-Webb.

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CHAPTER 5 QUIZ GRADED - 1. phft24i1.543

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