18. Mario sold an office building on July 1, 2007, for $180,000. He had purchased the building in 1980 for $150,000and had properly deducted $108,000 of depreciation, which included $15,500 in additional depreciation (acceleratedover straight line). What amount may Mario report as Sec. 1231 gain?A. $15,500B. $42,000C. $122,500D. $138,000
19. Which of the following is true about MACRS depreciation rules?
20. In 2013 Judy placed in service a machine that cost $2,020,000. Her annual business income limit is $55,000. If she placed no other Sec. 179 property in service during the year, what are the Sec. 179 amounts elected and deducted in 2013? Elected Deducted
21. Ben Green operates a parking lot that yielded net income of $13,000 during the current year. The only other transactions that Mr. Green had during the year were a gain of $16,000 on the sale of some Westinghouse Corporation stock that he bought 2 years ago, a loss of $10,000 on the sale of 1 acre of the land used in his parking lot business, and a gain of $4,000 on the sale of 1/2 acre of the land used in his parking lot business. All of the land used in his parking lot operations was purchased 7 years ago. Mr. Green’s net capital gain from sale or exchange of capital assets for the current year is