Sergio purchases $3,000-worth of supplies from a local vendor.The supplies are delivered on April 1, 2018.The supplies are fully used up on December 31, 2018.Because of unusual circumstances, a bill for the supplies arrives from the vendor on February 1, 2019, and is promptly paid.When can Sergio deduct the expenses
I.In 2018, if he is an accrual basis taxpayer.
II.In 2018, if he is a cash basis taxpayer.()
A、Only statement I is correct
B、Only statement II is correct
C、Both statements are correct
D、Neither statement is correct
第1题
A、$3,000
B、$13,045
C、$20,000
D、$25,000
E、$55,000
第2题
Aunt Bea sold some stock she purchased several years ago for $10,000 to her nephew, Andy, for $6,000.
I.If this is Aunt Bea's only stock transaction, she can deduct only $3,000 of the loss.
II.If Andy sells the stock for $10,000, his taxable gain is $4,000.()
A、Only statement I is correct
B、Only statement II is correct
C、Both statements are correct
D、Neither statement is correct
请帮忙给出正确答案和分析,谢谢!
第3题
Mary pays $25,000 and secures a mortgage note for $75,000 to purchase a vacation home.She pays $200 to her attorney for reviewing the purchase agreement and $1,500 in points to the mortgage company.Mary's initial basis in the vacation home is.()
A、$0
B、$25,000
C、$26,700
D、$100,200
E、$101,700
请帮忙给出正确答案和分析,谢谢!
第4题
Which of the following exchanges of property are like-kind exchanges?
I.Convenience store owner trades several cases of potato chips for a cash register.
II.A completely rented apartment building traded for a parts supply warehouse to use in business.()
A、Only statement I is correct
B、Only statement II is correct
C、Both statements are correct
D、Neither statement is correct.
请帮忙给出正确答案和分析,谢谢!
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