Yaeger Quiz Wednesday Flashcards

1
Q

If real estate taxes of $5,000 are paid during construction of a building they are…

2) Otherwise they are…

A

Capitalized

2) expensed in the period incurred

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2
Q

Government bonds sold sold by an individual investor are…

A

Capital assets

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3
Q

Sale of government bonds sold by an investor is reported as…

A

a capital gain

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4
Q

Real property that is subdivided and sold by a dealer is considered to be like…

2) therefore it is excluded as a…

A

Inventory

2) excluded as capital asset

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5
Q

IRS Publication 5 recommends the taxpayer take what action if the amount of tax does not exceed $25,000?

A

Make a small case request

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6
Q

What is included in depreciable property, land or buildings?

A

Buildings

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