During 2013, a corporation purchased machinery costing $200,000 and a warehouse costing $600,000. These are the only two acquisitions of depreciable property purchased by the corporation in 2015. The maximum deduction the corporation can claim under Code Sec. 179 in 2015 is: a. $500,000 b. $800,000 c. $25,000 d. $200,000 4. A calendar-year corporation incurs $53,000 of start-up costs. If the corporation began business on August 1 of the current year, what is the maximum amount of the start-up costs that it can deduct against business income in the current year? (round your answer to the nearest dollar) a. $3,417 b. $5,000 c. $2,000 d. $6,333 e. none of the above 5. During 20153, Tommy’s home was burglarized. Tommy had the following items stolen. • A block of securities worth $20,000. Tommy purchased of securities three years ago for $8,000. • A block of securities worth $30,000. Tommy purchased the securities for $24,000 two years ago. Tommy’s homeowners policy had an $80,000 deductible clause for thefts. How much is Tommy’s theft loss for 2015? a. $50,000 b. $32,000 c. $44,000 d. None of the above. 6. Tammy has the following items for the current year: Nonbusiness capital gains $10,000 Nonbusiness capital losses (2,000 ) Interest Income 7,000 Itemized deductions (none of the amount realized from a casualty loss) (9,000 ) In calculating Tammy’s net operating loss, and with respect to the above amounts only, what amount must be added back to taxable income (loss)? a. $0 b. $2,000 c. $3,000 d. $6,000
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