Black Company paid wages of $ 180,000 , of which $ 40,000 was qualified wages for the work opportunity tax credit under the general rules . Black Company ’ s deduction for wages for the year is :
• Question 3
Several years ago , Tom purchased a structure for $ 300,000 that was originally placed in service in 1929 . Three and one-half years ago he incurred qualifying rehabilitation expenditures of $ 600,000 . In the current year , Tom sold the property in a taxable transaction . Calculate the amount of the recapture of the tax credit for rehabilitation expenditures .
• Question 4 In terms of the withholding procedures , which statement does not reflect current rules ?
• Question 5
The ceiling amount and percentage for 2013 for the Medicare portion of the selfemployment tax are :
• Question 6
If the taxpayer qualifies under § 1033 ( nonrecognition of gain from an involuntary conversion ), makes the appropriate election , and the amount reinvested in replacement property is less than the amount realized , realized gain is :
• Question 7
Mary sells her personal use automobile for $ 20,000 . She purchased the car two years ago for $ 17,000 . What is Mary ’ s recognized gain or loss ? It increased in value due to its excellent mileage , yet safe design .
• Question 8
Neal and his wife Faye reside in Texas , a community property state . Their community property consists of real estate ( adjusted basis of $ 800,000 ; fair market value of $ 6 million ) and personal property ( adjusted basis of $ 390,000 ; fair market value of $ 295,000 ). Neal dies first and leaves his estate to Faye . What is Faye ’ s basis in the property after Neal ’ s death ?
• Question 9
Which of the following exchanges qualifies for nonrecognition treatment as a § 1031 likekind exchange ?