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Questions 1-30 Multiple Choice (Cirele the best choice) Questions 1 through 3 Barry sold depreciable...

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Questions 1-30 Multiple Choice (Cirele the best choice) Questions 1 through 3 Barry sold depreciable property used in his business to Ken for $125,000 cash plus a bond redeemable in 5 years for $70,000, but currently trading on the NYSE for $65 000. The property cost Barry $320,000 plus $15,000 in capital improvements and had total accumulated depreciation at the time of the sale of $175,000. 1. What is the amount realized on the sale of the depreciable property? a. $185,000 b. $150,000 c. $50,000 d: $190,000 e. $125,000 2. What is the adjusted basis of the property at the time of the sale? a. $185,000 b. $160,000 c. $145,000 d. $175,000. e.None of the above. 3. What is the recognized gain or loss a. b. c. d. e. $45,000 Gain $175,000 Loss $30,000 Gain $45,000 Loss None of the above. 4. During 2017, Anna had the following transactions: Salary Interest income on IBM bonds Damages for physical personal injury (car accident) Punitive damages (same car accident) Cash dividends from Chevron Corp Stock

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