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20. Kathy is 60 years of age and self-employed. During 2017 she reported $111,000 of...

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Accounting

20. Kathy is 60 years of age and self-employed. During 2017 she reported $111,000 of revenues and $42,200 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2017? (Round your final answer to the nearest whole number)

MULTIPLE CHOICE

$12,788

$17,163

$70,100

$55,100

8. Butte sold a machine to a machine dealer for $51,500. Butte bought the machine for $53,500 several years ago and has claimed $11,750 of depreciation expense on the machine. What is the amount and character of Butte's gain or loss?

MULTIPLE CHOICE

$9,750 1231 loss.

$2,000 1231 loss.

$9,750 ordinary gain.

$9,750 capital gain.

none of the choices are correct

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