Quiz 23, 35-37 Flashcards Preview

Yaeger REG > Quiz 23, 35-37 > Flashcards

Flashcards in Quiz 23, 35-37 Deck (9)
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1
Q

Commercial buildings under MACRS placed in service after 93 are…2

A

1 Depreciated over 39 years

2 using the mid month convention

2
Q

How many personal exemptions can a married couple take that has a dependent child?

A

3

3
Q

For membership of the Public Company Accounting Oversight Board, the chairman may be a CPA if…

A

The Individual has not practiced as a CPA for 5 years

4
Q

Income from the cancellation of debt elections are determined by…

A

The partners individually

5
Q

The basis of property acquired by gift when it is subsequently sold at a loss is the lesser of…2

A

1 donor’s basis or

2 value at time of gift

6
Q

Under the uniform capitalization rules what 4 items are capitalized as part of the cost of inventory?

A

1 indirect labor
2 indirect materials
3 purchasing costs
4 engineering

7
Q

For determining items to include in ordinary partnership income, items allocated differently from general profit and loss ratio must…

A

Be separately stated

8
Q

Transportation expenses can be deducted when going to…

A

A temporary work site

9
Q

Office buildings are considered what kind of buildings for MACRS depreciation?

A

Commercial buildings

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