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24) on June 1, 2017, Irene places in service an automobile that cost $21,000. The car is used 100% for business use. Determine the cost recovery deduction for 2017 assuming he does not use bonus depreciation. a. $11,160 b. $4,200 c. $11,060 d. $3,160 e None of the above 25) Sam operates a variety store as a sole proprietorship. Which of the following items are capital assets in the hands of Sam? a. The vacant lot next to his store which was purchased for use as a parking lot for his b. Sixteen bicycles which have been in his store inventory for over a year c. A note receivable which was given to him by a customer in payment of the balance due on the customer's account at the store d. e. A corporate bond in which Sam invested some of the store's excess cash. None of the above 26) Sandra acquired a passive activity several years ago. Until 2017, the activity was profitable In 2017, the activity produced a loss of $100,000. Sandra had no passive income in 2017, but she had $10,000 of wages. how much is her suspended loss from the activity for 2017 a. $90,000 b. $100,000 C. d. $10,000 e. None of the above S0 27) Shontelle received a gift of income-producing property with an adjusted basis of $50,000 to the donor and fair market value of $40,000 on the date of the gift. Shontelle subsequently sold the property for $45,000. What is the recognized gain or loss? a. b. $5,000 c. ($6,000) d. ($5,000) e. None of the above 28) An apartment building with an adjusted basis of $1,500,000 was destroyed by fire on Feb 13, 2017.On July 11, 2017, the insurance company paid the owner $1,950,000. The owner reinvested $2,230,000 in a new apartment building. What is the recognized gain on the new building for 2017 if S 1033 (nonrecognition of gain from an involuntary conversion) is elected? a. b. $450.000 c. $280,000 d. $1,950,000

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