Tax 3300-Final A 12/20/2017 a Peter elects to treat both divisions as a b. Peter

Question

Tax 3300-Final A 12/20/2017 a Peter elects to treat both divisions as a b. Peter c If Peter d. If Peter elects to treat both they are parts of one elects to treat the two divisions as separate activities, he can the $100,000 income as a single activity, he cannot offset None of the above Gaspar, a lawyer, eans $300,000 from his and interest during the year as well as $ in a passive activity. What is Gaspar's AGI for the current year after considering the passive investment? a. $150,000 b. $185,000 $350,000 d $365,000 None of the above activity. The partnership Calvin's share of the losses was $120,000 in 2017 and $60,000 in 2018 How much of the losses from the investments and does not reported losses of $400,000 in 2017 and $200,000 in 2018 ip can Calvin deduct he owns no other a. $0 in 2017, $60,000 in 2018 b $120,000 in 2017$80,000 in 2018 c $120,000 in 2017, $10,000 in 2018 d $120,000 in 2017, $0 in 2018 e. None of the above 37E made for ordinary repairs and maintenance of property are not added to the basis in the determination of the property's adjusted basis However, capital b. False 38) Over the years, Rose purchased several lots of stock on different dates and at different s If she cannot idenfy the lot of stock that is being soid, she may elect to b Faise Joe owns no purchase prices. use the LIFO approach Joe owns a painting with an adjusted basis of $290,000. The fair market value is his favorite niece b False Linda purchased 1,000 shares of slock in Blueberry Inc on June 30, 2015 for $100,000 $40,000

Explanation / Answer

35- C

36- A

37- TRUE.

BECAUSE THIS IS BASED ON CAPITAL EXPENDITURE

38-TRUE

ROSE PURCHAUSED LOT OF STOCKS BY A LIFO APPROACH

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