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?