ACC 317 Quiz #3 - ACC 317 Quiz#3 Names True/False(1/4 point...

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ACC 317 Quiz #3 Names: _____________________________________________________________________ True/False (1/4 point per item) ____ 1. A bona fide debt cannot arise on a loan between father and son. ____ 2. A bond held by an investor that is uncollectible will be treated as a worthless security and hence, produce a bad debt. ____ 3. A casualty loss deduction is not allowed for losses resulting from a decline in value rather than an actual loss of property. ____ 4. If the amount of the insurance recovery for a theft of business property is greater than the asset’s fair market value but less than it’s adjusted basis, a gain is recognized. ____ 5. If rental property is completely destroyed, the amount of the loss is the adjusted basis of the property at the time of the destruction reduced by $100 and 10% of AGI. ____ 6. A taxpayer may carry any NOL incurred back two years. ____ 7. The key date for calculating cost recovery is the date the asset is purchased. ____ 8. The cost recovery basis for property converted from personal use to business use is the fair market value of the property at the time of the conversion.
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  • Fall '12
  • Harper
  • Depreciation, Taxation in the United States, Alice

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