1. If an individual taxpayer's marginal tax rate is 37 percent and he holds...
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Accounting
1.
If an individual taxpayer's marginal tax rate is 37 percent and he holds the following assets for more than a year, which gains will be taxed at the lowest rate at the time of sale?
A.
gains from a painting
B.
gains from a stamp collection
C.
gains attributable to tax depreciation taken on real property
D.
gains from sales of stock
E.
gains attributable to tax depreciation taken on intangibles
2.
Tyler is self-employed and uses the cash method. This year Tyler paid $6,400 to the bank for 12 months of interest accruing on a business loan starting from June 1st of this year and $6,000 for 12 months of property insurance beginning on July 1st of this year. What is the maximum amount Tyler can deduct this year?
A.
$12,400
B.
$9,200
C.
$9,733
D.
$6,000
E.
$6,400
3.
Sarah has a taxable bond and a municipal bond. Which fees are considered part of Sarah's investment expense?
A.
attorney and accounting fees on taxable bond
B.
safe deposit box rental fees on municipal bond
C.
interest expense on municipal bond
D.
A and B
E.
B and C
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