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Wiley CPA Examination Review Outlines And Study Guides Volume 1 - 2012-2013 39th Edition Patrick R. Delaney, O. Ray Whittington - Solutions

180. The following information pertains to Joe Diamond, a cash-method sole proprietor for 2011:Gross receipts from business $150,000 Interest income from personal investments 10,000 Cost of goods sold 80,000 Other business operating expenses 40,000 What amount of net earnings from self-employment
179. The alternative minimum tax (AMT) is computed as thea. Excess of the regular tax over the tentative AMT.b. Excess of the tentative AMT over the regular tax.c. The tentative AMT plus the regular tax.d. Lesser of the tentative AMT or the regular tax.V.E. Other Taxes
178. The credit for prior year alternative minimum tax liability may be carrieda. Forward for a maximum of five years.b. Back to the three preceding years or carried forward for a maximum of five years.c. Back to the three preceding years.d. Forward indefinitely.
177. An individual’s alternative minimum tax adjustments include Net long-term capital gain in excess of net shortterm capital loss Home equity interest expense where loan proceeds not used to buy, build, or improve homea. Yes Yesb. Yes Noc. No Yesd. No No
176. In 2011, Don Mills, a single taxpayer, had $70,000 in taxable income before personal exemptions. Mills had no tax preferences. His itemized deductions were as follows:State and local income taxes $5,000 Home mortgage interest on loan to acquire residence 6,000 Miscellaneous deductions that
175. In 2010, Karen Miller had an alternative minimum tax liability of $20,000. This was the first year that she paid an alternative minimum tax. When she recomputed her 2010 alternative minimum tax using only exclusion preferences and adjustments, her alternative minimum tax was $9,000.For 2011,
174. Randy Lowe reported the following items in computing his regular federal income tax for 2011:Personal exemption $3,700 Itemized deduction for state taxes 1,500 Cash charitable contributions 1,250 Net long-term capital gain 700 Tax-exempt interest from private activity bonds issued in 2009
173. Which of the following itemized deductions are deductible when computing the alternative minimum tax for individuals?a. State income taxes.b. Home equity mortgage interest when the loan proceeds were used to purchase an auto.c. Unreimbursed employee expenses in excess of 2%of adjusted gross
172. Poole, forty-five years old and unmarried, is in the 15% tax bracket. He had 2011 adjusted gross income of$20,000. The following information applies to Poole:Medical expenses $7,500 Standard deduction 5,800 Personal exemption 3,700 Poole wishes to minimize his income tax. What is Poole’s
171. Mrs. Irma Felton, by herself, maintains her home in which she and her unmarried twenty-six-year-old son reside.Her son, however, does not qualify as her dependent. Mrs.Felton’s husband died in 2011. What is Mrs. Felton’s filing status for 2012?a. Single.b. Qualifying widow with dependent
170. Nell Brown’s husband died in 2009. Nell did not remarry, and continued to maintain a home for herself and her dependent infant child during 2010, 2011, and 2012, providing full support for herself and her child during these three years. For 2009, Nell properly filed a joint return. For 2012,
169. Emil Gow’s wife died in 2010. Emil did not remarry, and he continued to maintain a home for himself and his dependent infant child during 2011 and 2012, providing full support for himself and his child during these years. For 2010, Emil properly filed a joint return. For 2012, Emil’s
168. A husband and wife can file a joint return even ifa. The spouses have different tax years, provided that both spouses are alive at the end of the year.b. The spouses have different accounting methods.c. Either spouse was a nonresident alien at any time during the tax year, provided that at
167. For head of household filing status, which of the following costs are considered in determining whether the taxpayer has contributed more than one-half the cost of maintaining the household?Insurance on the home Rental value of homea. Yes Yesb. No Noc. Yes Nod. No Yes
166. Which of the following is(are) among the requirements to enable a taxpayer to be classified as a “qualifying widow(er)”?I. A dependent has lived with the taxpayer for six months.II. The taxpayer has maintained the cost of the principal residence for six months.a. I only.b. II only.c. Both
165. Mr. and Mrs. Vonce, both age sixty-two, filed a joint return for 2011. They provided all the support for their daughter, who is nineteen, legally blind, and who has no income. Their son, age twenty-one and a full-time student at a university, had $6,200 of income and provided 70% of his own
164. Sara Hance, who is single and lives alone in Idaho, has no income of her own and is supported in full by the following persons:Amount of support Percent of total Alma (an unrelated friend) $2,400 48 Ben (Sara’s brother) 2,150 43 Carl (Sara’s son) 450 9$5,000 100 Under a multiple support
163. In 2011, Alan Kott provided more than half the support for his following relatives, none of whom qualified as a member of Alan’s household:Cousin Niece Foster parent None of these relatives had any income, nor did any of these relatives file an individual or joint return. All of these
162. In 2011, Sam Dunn provided more than half the support for his wife, his father’s brother, and his cousin. Sam’s wife was the only relative who was a member of Sam’s household. None of the relatives had any income, nor did any of them file an individual or a joint return. All of these
161. Jim Planter, who reached age sixty-five on January 1, 2011, filed a joint return for 2011 with his wife Rita, age fifty. Mary, their twenty-one-year-old daughter, was a fulltime student at a college until her graduation on June 2, 2011. The daughter had $6,500 of income and provided 25% of her
160. Albert and Lois Stoner, age sixty-six and sixty-four, respectively, filed a joint tax return for 2011. They provided all of the support for their blind nineteen-year-old son, who has no gross income. Their twenty-three-year-old daughter, a full-time student until her graduation on June 14,
159. John and Mary Arnold are a childless married couple who lived apart (alone in homes maintained by each) the entire year 2011. On December 31, 2011, they were legally separated under a decree of separate maintenance. Which of the following is the only filing status choice available to them when
158. During 2011 Robert Moore, who is fifty years old and unmarried, maintained his home in which he and his widower father, age seventy-five, resided. His father had$4,700 interest income from a savings account and also received$2,400 from social security during 2011. Robert provided 60% of his
157. Al and Mary Lew are married and filed a joint 2011 income tax return in which they validly claimed the $3,700 personal exemption for their dependent seventeen-year-old daughter, Doris. Since Doris earned $5,400 in 2011 from a part-time job at the college she attended full-time, Doris was also
156. Joe and Barb are married, but Barb refuses to sign a 2011 joint return. On Joe’s separate 2011 return, an exemption may be claimed for Barb ifa. Barb was a full-time student for the entire 2011 school year.b. Barb attaches a written statement to Joe’s income tax return, agreeing to be
155. Jim and Kay Ross contributed to the support of their two children, Dale and Kim, and Jim’s widowed parent, Grant. For 2011, Dale, a twenty-year-old full-time college student, earned $4,500 from a part-time job. Kim, a twentythree-year-old bank teller, earned $18,000. Grant received$5,000 in
154. In 2011, Smith, a divorced person, provided over onehalf the support for his widowed mother, Ruth, and his son, Clay, both of whom are US citizens. During 2011, Ruth did not live with Smith. She received $9,000 in social security benefits. Clay, a full-time graduate student, and his wife lived
153. Which one of the following is not included in determining the total support of a dependent?a. Fair rental value of dependent’s lodging.b. Medical insurance premiums paid on behalf of the dependent.c. Birthday presents given to the dependent.d. Nontaxable scholarship received by the dependent.
152. Harold Brodsky is an electrician employed by a contracting firm. His adjusted gross income is $25,000. During the current year he incurred and paid the following expenses:Use of personal auto for company business(reimbursed under an accountable plan by employer for $200) $300 Specialized work
151. Magda Micale, a public school teacher with adjusted gross income of $10,000, paid the following items in 2011 for which she received no reimbursement:Initiation fee for membership in teachers’ union $100 Dues to teachers’ union 180 Voluntary unemployment benefit fund contributions to
150. Joel Rich is an outside salesman, deriving his income solely from commissions, and personally bearing all expenses without reimbursement of any kind. During 2011, Joel paid the following expenses pertaining directly to his activities as an outside salesman:Travel $10,000 Secretarial 7,000
149. Hall, a divorced person and custodian of her twelveyear-old child, submitted the following information to the CPA who prepared her 2011 return:During 2011, Hall spent a total of $1,000 for state lottery tickets. Her lottery winnings in 2011 totaled $200.Hall’s lottery transactions should be
148. Hall, a divorced person and custodian of her twelveyear-old child, submitted the following information to the CPA who prepared her 2011 return:The divorce agreement, executed in 2008, provides for Hall to receive $3,000 per month, of which $600 is designated as child support. After the child
147. Which of the following is not a miscellaneous itemized deduction?a. Legal fee for tax advice related to a divorce.b. IRA trustee’s fees that are separately billed and paid.c. Appraisal fee for a charitable contribution.d. Check-writing fees for a personal checking account.
146. The appraisal fee to determine the amount of the Hoyts’ fire loss wasa. Deductible from gross income in arriving at adjusted gross income.b. Subject to the 2% of adjusted gross income floor for miscellaneous itemized deductions.c. Deductible after reducing the amount by $100.d. Not
145. What amount of fire loss were the Hoyts entitled to deduct as an itemized deduction on their 2011 return?a. $5,000b. $2,500c. $1,600d. $1,500
144. Hall, a divorced person and custodian of her twelveyear-old child, filed her 2011 federal income tax return as head of a household. During 2011 Hall paid a $490 casualty insurance premium on her personal residence. Hall does not rent out any portion of the home, nor use it for business.The
143. Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2011 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2011. The following unreimbursed cash expenditures were
142. In 2011, Joan Frazer’s residence was totally destroyed by fire. The property had an adjusted basis and a fair market value of $130,000 before the fire. During 2011, Frazer received insurance reimbursement of $120,000 for the destruction of her home. Frazer’s 2011 adjusted gross income was
141. Taylor, an unmarried taxpayer, had $90,000 in adjusted gross income for 2011. During 2011, Taylor donated land to a church and made no other contributions. Taylor purchased the land in 1998 as an investment for $14,000.The land’s fair market value was $25,000 on the day of the donation. What
140. Jimet, an unmarried taxpayer, qualified to itemize 2011 deductions. Jimet’s 2011 adjusted gross income was$30,000 and he made a $2,000 cash donation directly to a needy family. In 2011, Jimet also donated stock, valued at$3,000, to his church. Jimet had purchased the stock four months
139. During 2011, Vincent Tally gave to the municipal art museum title to his private collection of rare books that was assessed and valued at $60,000. However, he reserved the right to the collection’s use and possession during his lifetime.For 2011, he reported an adjusted gross income
138. Under a written agreement between Mrs. Norma Lowe and an approved religious exempt organization, a ten-yearold girl from Vietnam came to live in Mrs. Lowe’s home on August 1, 2011, in order to be able to start school in the US on September 3, 2011. Mrs. Lowe actually spent $500 for food,
137. On December 15, 2011, Donald Calder made a contribution of $500 to a qualified charitable organization, by charging the contribution on his bank credit card. Calder paid the $500 on January 20, 2012, upon receipt of the bill from the bank. In addition, Calder issued and delivered a promissory
136. Ruth Lewis has adjusted gross income of $100,000 for 2011 and itemizes her deductions. On September 1, 2011, she made a contribution to her church of stock held for investment for two years that cost $10,000 and had a fair market value of $70,000. The church sold the stock for $70,000 on the
135. Spencer, who itemizes deductions, had adjusted gross income of $60,000 in 2011. The following additional information is available for 2011:Cash contribution to church $4,000 Purchase of art object at church bazaar(with a fair market value of $800 on the date of purchase) 1,200 Donation of used
134. Moore, a single taxpayer, had $50,000 in adjusted gross income for 2011. During 2011 she contributed$18,000 to her church. She had a $10,000 charitable contribution carryover from her 2010 church contributions. What was the maximum amount of properly substantiated charitable contributions that
133. Stein, an unmarried taxpayer, had adjusted gross income of $80,000 for the year and qualified to itemize deductions.Stein had no charitable contribution carryovers and only made one contribution during the year. Stein donated stock, purchased seven years earlier for $17,000, to a tax-exempt
132. Smith, a single individual, made the following charitable contributions during the current year. Smith’s adjusted gross income is $60,000.Donation to Smith’s church $5,000 Artwork donated to the local art museum.Smith purchased it for $2,000 four months ago. A local art dealer appraised it
131. During 2012, William Clark was assessed a deficiency on his 2010 federal income tax return. As a result of this assessment he was required to pay $1,120 determined as follows:Additional tax $900 Late filing penalty 60 Negligence penalty 90 Interest 70 What portion of the $1,120 would qualify
130. Charles Wolfe purchased the following long-term investments at par during 2011:• $20,000 general obligation bonds of Burlington County (wholly tax-exempt)• $10,000 debentures of Arrow Corporation Wolfe financed these purchases by obtaining a $30,000 loan from the Union National Bank. For
129. Robert and Judy Parker made the following payments during 2011:Interest on a life insurance policy loan (the loan proceeds were used for personal use) $1,200 Interest on home mortgage for period January 1 to October 4, 2011 3,600 Penalty payment for prepayment of home mortgage on October 4,
128. Jackson owns two residences. The second residence, which has never been used for rental purposes, is the only residence that is subject to a mortgage. The following expenses were incurred for the second residence in 2011:Mortgage interest $5,000 Utilities 1,200 Insurance 6,000 For regular
127. On January 2, 2008, the Philips paid $50,000 cash and obtained a $200,000 mortgage to purchase a home. In 2011 they borrowed $15,000 secured by their home, and used the cash to add a new room to their residence. That same year they took out a $5,000 auto loan.The following information pertains
126. The Browns borrowed $20,000, secured by their home, to purchase a new automobile. At the time of the loan, the fair market value of their home was $400,000, and it was unencumbered by other debt. The interest on the loan qualifies asa. Deductible personal interest.b. Deductible qualified
125. The 2012 deduction by an individual taxpayer for interest on investment indebtedness isa. Limited to the investment interest paid in 2012.b. Limited to the taxpayer’s 2012 interest income.c. Limited to the taxpayer’s 2012 net investment income.d. Not limited.
124. Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2011 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2011. The following unreimbursed cash expenditures were
123. During 2011 Mr. and Mrs. West paid the following taxes:Property taxes on residence $1,800 Special assessment for installation of a sewer system in their town 1,000 State personal property tax on their automobile 600 Property taxes on land held for long-term appreciation 300 What amount can the
122. George Granger sold a plot of land to Albert King on July 1, 2012. Granger had not paid any realty taxes on the land since 2010. Delinquent 2011 taxes amounted to $600, and 2012 taxes amounted to $700. King paid the 2011 and 2012 taxes in full in 2012, when he bought the land. What portion of
121. During 2011, Jack and Mary Bronson paid the following taxes:Taxes on residence (for period January 1 to December 31, 2011) $2,700 State motor vehicle tax on value of the car 360 The Bronsons sold their house on June 30, 2011, under an agreement in which the real estate taxes were not prorated
120. Sara Harding is a cash-basis taxpayer who itemized her deductions. The following information pertains to Sara’s state income taxes for the taxable year 2011:Withheld by employer in 2011 $2,000 Payments on 2011 estimate:4/15/11 $300 6/15/11 300 9/15/11 300 1/15/12 300 1,200 Total paid and
119. In 2011, Burg paid $8,000 to the tax collector of Sun City for realty taxes on a two-family house owned in joint tenancy between Burg and his mother. Of this amount,$3,800 covered back taxes for 2010, and $4,200 covered 2011 taxes. Burg resides on the second floor of the house, and his mother
118. In 2011, Farb, a cash-basis individual taxpayer, received an $8,000 invoice for personal property taxes. Believing the amount to be overstated by $5,000, Farb paid the invoiced amount under protest and immediately started legal action to recover the overstatement. In June 2012, the matter was
117. Matthews was a cash-basis taxpayer whose records showed the following:2011 state and local income taxes withheld $1,500 2011 state estimated income taxes paid December 30, 2011 400 2011 federal income taxes withheld 2,500 2011 state and local income taxes paid April 17, 2012 300 What total
116. All of the following taxes are deductible as itemized deductions by a self-employed taxpayer excepta. Foreign real estate taxes.b. Foreign income taxes.c. Personal property taxes.d. One-half of self-employment taxes.
115. During 2011, Mr. and Mrs. Benson provided substantially all the support, in their own home, for their son John, age twenty-six, and for Mrs. Benson’s cousin Nancy, age seventeen. John had $3,900 of income for 2011, and Nancy’s income was $2,500. The Bensons paid the following medical
114. Jon Stenger, a cash-basis taxpayer, had adjusted gross income of $35,000 in 2011. During the year he incurred and paid the following medical expenses:Drugs and medicines prescribed by doctors $ 300 Health insurance premiums 750 Doctors’ fees 2,550 Eyeglasses 75$3,675 Stenger received $900 in
113. Which one of the following expenditures qualifies as a deductible medical expense for tax purposes?a. Diaper service.b. Funeral expenses.c. Nursing care for a healthy baby.d. Premiums paid for Medicare B supplemental medical insurance.
112. During 2011, Scott charged $4,000 on his credit card for his dependent son’s medical expenses. Payment to the credit card company had not been made by the time Scott filed his income tax return in 2012. However, in 2011, Scott paid a physician $2,800 for the medical expenses of his wife, who
111. Ruth and Mark Cline are married and will file a joint 2011 income tax return. Among their expenditures during 2011 were the following discretionary costs that they incurred for the sole purpose of improving their physical appearance and self-esteem:Face-lift for Ruth, performed by a licensed
110. Mr. and Mrs. Sloan incurred the following expenses on December 15, 2011, when they adopted a child:Child’s medical expenses $5,000 Legal expenses 9,000 Agency fee 4,000 Before consideration of any “floor” or other limitation on deductibility, what amount of the above expenses may the
109. In 2011, Wells paid the following expenses:Premiums on an insurance policy against loss of earnings due to sickness or accident $3,000 Physical therapy after spinal surgery 2,000 Premium on an insurance policy that covers reimbursement for the cost of prescription drugs 500 In 2011, Wells
108. Tom and Sally White, married and filing joint income tax returns, derive their entire income from the operation of their retail stationery shop. Their 2011 adjusted gross income was $100,000. The Whites itemized their deductions on Schedule A for 2011. The following unreimbursed cash
107. Charlene and Gene Blair are married and filed a joint return for 2011. Their medical related expenditures for 2011 included the following:Medical insurance premiums $ 800 Medicines prescribed by doctors 450 Aspirin and over-the-counter cold capsules 80 Unreimbursed doctor fees 1,000
106. Carroll, an unmarried taxpayer with an adjusted gross income of $100,000, incurred and paid the following unreimbursed medical expenses for the year:Doctor bills resulting from a serious fall $ 5,000 Cosmetic surgery that was necessary to correct a congenital deformity 15,000 Carroll had no
105. Which of the following requirements must be met in order for a single individual to qualify for the additional standard deduction?Must be age 65 or older or blind Must support dependent child or aged parenta. Yes Yesb. No Noc. Yes Nod. No Yes
104. During 2012, George (age nine and claimed as a dependency exemption by his parents) received dividend income of $3,700, and had wages from an after-school job of$1,700. What is the amount that will be reported as George’s taxable income for 2012?a. $ 250b. $3,400c. $3,450d. $5,400
103. Dale received $1,000 in 2012 for jury duty. In exchange for regular compensation from her employer during the period of jury service, Dale was required to remit the entire $1,000 to her employer in 2012. In Dale’s 2012 income tax return, the $1,000 jury duty fee should bea. Claimed in full
102. Which one of the following statements concerning the deduction for interest on qualified education loans is not correct?a. The deduction is available even if the taxpayer does not itemize deductions.b. The deduction only applies to the first sixty months of interest payments.c. Qualified
101. Which allowable deduction can be claimed in arriving at an individual’s 2012 adjusted gross income?a. Charitable contribution.b. Foreign income taxes.c. Tax return preparation fees.d. Self-employed health insurance deduction.II.G. Deduction for Interest on Education Loan
100. In 2012, contributions to a defined contribution qualified retirement plan on behalf of a self-employed individual whose income from self-employment is $55,000 are limited toa. $ 5,500b. $49,000c. $50,000d. $55,000
99. Paul and Lois Lee, both age fifty, are married and will file a joint return for 2012. Their 2012 adjusted gross income was $85,000, including Paul’s $75,000 salary. Lois had no income of her own. Neither spouse was covered by an employer-sponsored pension plan. What amount could the Lees
98. Sol and Julia Crane (both age 43) are married and will file a joint return for 2012. Sol earned a salary of $140,000 in 2012 from his job at Troy Corp., where Sol is covered by his employer’s pension plan. In addition, Sol and Julia earned interest of $3,000 in 2012 on their joint savings
97. Ronald Birch, who is single and age 28, earned a salary of $70,000 in 2012 as a plumber employed by Lupo Company.Birch was covered for the entire year 2012 under Lupo’s qualified pension plan for employees. In addition, Birch had a net income of $15,000 from self-employment in 2012. What is
96. Davis, a sole proprietor with no employees, has a Keogh profit-sharing plan to which he may contribute 15% of his annual earned income. For this purpose, “earned income”is defined as net self-employment earnings reduced by thea. Deductible Keogh contribution.b. Self-employment tax.c.
95. For 2012, Val and Pat White (both age 40) filed a joint return. Val earned $55,000 in wages and was covered by his employer’s qualified pension plan. Pat was unemployed and received $4,000 in alimony payments for the first four months of the year before remarrying. The couple had no other
94. Which one of the following statements concerning an education IRA (Coverdell Education Savings Account) is not correct?a. Contributions to an education IRA are not deductible.b. A taxpayer may contribute up to $2,000 in 2012 to an education IRA to pay the costs of the designated beneficiary’s
93. What is the maximum amount of adjusted gross income that a taxpayer may have for 2012 and still qualify to roll over the balance from a traditional individual retirement account (IRA) into a Roth IRA?a. $ 50,000b. $ 80,000c. $100,000d. There is no maximum AGI limitation.
92. Which one of the following statements concerning Roth IRAs is not correct?a. The maximum annual contribution to a Roth IRA is reduced if adjusted gross income exceeds certain thresholds.b. Contributions to a Roth IRA are not deductible.c. An individual is allowed to make contributions to a Roth
91. Richard Putney, who lived in Idaho for five years, moved to Texas in 2012 to accept a new position. His employer reimbursed him in full for all direct moving costs, but did not pay for any part of the following indirect moving expenses incurred by Putney:Househunting trips to Texas $800
90. Martin Dawson, who resided in Detroit, was unemployed for the last six months of 2010. In January 2011, he moved to Houston to seek employment, and obtained a fulltime job there in February. He kept this job for the balance of the year. Martin paid the following expenses in 2011 in connection
89. James, a calendar-year taxpayer, was employed and resided in Boston. On February 4, 2011, James was permanently transferred to Florida by his employer. James worked full-time for the entire year. In 2011, James incurred and paid the following unreimbursed expenses in relocating.Lodging and
88. Charles Gilbert, a corporate executive, incurred business-related unreimbursed expenses in 2012 as follows:Entertainment $900 Travel 700 Education 400 Assuming that Gilbert does not itemize deductions, how much of these expenses should he deduct on his 2012 tax return?a. $0b. $ 700c. $1,300d.
87. Adams owns a second residence that is used for both personal and rental purposes. During 2011, Adams used the second residence for 50 days and rented the residence for 200 days. Which of the following statements is correct?a. Depreciation may not be deducted on the property under any
86. Easel Co. has elected to reimburse employees for business expenses under a nonaccountable plan. Easel does not require employees to provide proof of expenses and allows employees to keep any amount not spent. Under the plan, Mel, an Easel employee for a full year, gets $400 per month for
85. During August 2011, Roe Corp. purchased and placed in service a machine to be used in its manufacturing operations. This machine cost $2,014,000. What portion of the cost may Roe elect to treat as a Sec. 179 expense deduction rather than as a capital expenditure?a. $236,000b. $250,000c.
84. With regard to depreciation computations made under the general MACRS method, the half-year convention provides thata. One-half of the first year’s depreciation is allowed in the year in which the property is placed in service, regardless of when the property is placed in service during the
83. Under the modified accelerated cost recovery system(MACRS) of depreciation for property placed in service after 1986,a. Used tangible depreciable property is excluded from the computation.b. Salvage value is ignored for purposes of computing the MACRS deduction.c. No type of straight-line
82. Data Corp., a calendar-year corporation, purchased and placed into service used office equipment during October 2011. No other equipment was placed into service during 2011. Under the general MACRS depreciation system, what convention must Data use?a. Full-year.b. Half-year.c. Midquarter.d.
81. On June 29, 2011, Sullivan purchased and placed into service an apartment building costing $360,000 including$30,000 for the land. What was Sullivan’s MACRS deduction for the apartment building in 2011?a. $7,091b. $6,500c. $6,000d. $4,583

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