A taxpayer purchased a rental property for $200,000. The taxpayer paid $50,000 as cash down payment and got it financed for $150,000. The closing costs were $10,000 and points were $8,000.

What is his basis in the property?

Which of these expenses would generally be allowable as deductions in determining the taxable estate in the Federal Estate Income Tax Return (Form 706)?

Which of the following is correct with respect to depreciation recapture when a property is used for trade or business?

228 shares are bought on Jan 3, 2007. What is the earliest date on which the stock can be sold and the gain or loss qualifies as long term?

Under a partnership agreement, Abhi, a partner, is to receive 40% of the partnership's income. but not less than $15,000. The partnership's net income for 2007 was $30,000 before considering theminimum guaranteed amount. What amount can the partnership deduct as a guaranteed payment and what amount of income is Abhi required to report in her individual tax return?

Gary's car caught fire and was totally destroyed. The car was appraised for $36,500. Gary only had it insured for $20,000. Since this was more than enough to cover his adjusted basis of $12,000, he decided not to get the car replaced. What should Gary report on his tax return?

Dick is the sole shareholder of CB Enterprises, Inc. He received a $100 dividend distribution from his corporation in 2007. The current earnings of the corporation were $1,000. What reporting requirements apply to this distribution?

Noika Corporation, a calendar year accrual basis corporation, made cash charitable contributions totaling $40,000 during 2007. Prior to determining its charitable contribution deduction, Noika Corporation had a taxable income of $300,000 after a dividends-received deduction of $42,000. What is the amount of Noika‘s current year Charitable contribution deduction for 2007?

A owns a 3-unit apartment building for which he receives $300 per month per unit. Two of them were rented for the entire year. The 3rd unit was occupied from January1 to April 30. 2007. On vacating the unit, the tenant was not refunded his security deposit of $500 due to necessary repairs. The unit was subsequently rented for one year beginning August 1, 2007. On August 1, 2007, the new tenant paid the first and last month's rent and a refundable security of $500. What is A's rental income?

Mark purchased the following business equipment: Pick-up truck (< 6000 Gross Weight) $12,500 Cellular Phones $340 Desks $3,250 Chairs $275 Total $16365 What would be the value of his purchases considered listed property for depreciation purposes?

In December 2006, Mr. Smith purchased a manufacturing plant for $85,400. The cost was allocated as follows: Land (20%) - $17,080. Building (80%) - $68,320 The following items relating To The property occurred before the property was placed in service on January 1, 2007: