Pop Quiz - Fed Tax Review 1

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What is true about depreciation? Mark all that apply. *

1 point

Depreciation is available when the item is obtained by the taxpayer

Bonus depreciation is generally 100% through 2022, but a taxpayer can elect out entirely for each class of property

For 5 year MACRS, year 1 and 2 are 20% and 32%

Section 179 limit for 2020 is $500,000

Required

What is true about class life? Mark all that apply. *

1 point

Class life is easy to tell by the way the question is written

5 year property is more than 4 years, less than 10 years

7 year property is 10 or more years but less than 16 years

Required

What is true about gifts? Mark all that apply. *

1 point

The annual exclusion amount for 2020 is $20,000

If the FMV of the gift property exceeds the donor's basis, use the FMV of the gift when calculating gain

It is possible there will be times when there is no gain or loss on gift property. This occurs when the property is sold for more than its FMV on the date of the gift, but less than the donor's basis

Gifts are valued as of the date when the transfer is completed

Required

What is true about divorced/divorcing couples? Mark all that apply. *

1 point

A transfer is not taxable and considered 'incident to a divorce' if it occurs within ten years after the marriage ends

For agreements on or before 12/31/18 alimony may still be taxable to recipient and deductible by payor.

To be deductible, alimony generally must meet specific requirements, including being paid as a legal requirement, paid in cash, not paid for support of children, paid between parties who are not living in the same household, and scheduled to end on the death of the payee spouse.

Required

What is true about IRC 6015? Mark all that apply. *

1 point

Relief can be granted if taxpayer meets requirements provided in 3 subsections, (b), (c) and (f)

If no relief is possible under (b) and (c), it may be possible find relief under (f)

Relief from joint and several liability is only possible if the requesting spouse was physically abused

For 6015(f) claims, if a refund is sought the claim must be filed prior to the expiration of the refund statute of limitations (otherwise it must be filed prior to expiration of the collection statute of limitations)

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