CHAPTER 5 QUIZ GRADED

CHAPTER 5 QUIZ GRADED - 1 phft24i1.543 $28,000.Thecityo...

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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 A 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, and $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 amoun Student  Response Value Correct Answer Feedback
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Student  Response Value Correct Answer Feedback B.  $40,000 100% Amount realized $75,000 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 liabil (FMV) of stock owned by Hayden. Hayden takes the land subject to the li 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 Hay 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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new porch costing $5,000. Repairs to the home's plumbing cost $1,000. T 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 0% C.  painting of  more than  50% of the  rooms in the  home 100% D.  depreciation  deduction 0% Score: 1/1  Comments:
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