35. On January 1, 2014, Ted purchased a small software company for $200,000. He paid $110,000 for the fixed assets of the company & $90,000 for goodwill. How much amortization may Ted deduct on his 2014 tax return for the purchased goodwill? (Points : 1) $0 $3,000 $5,750 $6,000 $90,000

. Which of the following is not true about capital assets? (Points : 1)

Real property used in a trade or business is not a capital asset. Capital losses may be carried back for 3 years to offset capital gains in those years. For 2014, net long-term capital gains are granted preferential tax treatment. Individual taxpayers may deduct net capital losses of up to $3,000 per year. Shares of stock held for investment are capital assets.

Question 47. 47. Which of the following sales results in a short-term gain/loss? (Points : 1)

A capital asset bought on June 30, 2013 and sold June 20, 2014. A capital asset bought on July 25, 2013 and sold August 19, 2014. A capital asset bought on September 12, 2007 and sold August 19, 2014. A capital asset bought on August 15, 2013 and sold August 16, 2014. All of the previously listed choices are long-term gains/losses.

Question 48. 48. If property is inherited by a taxpayer, (Points : 1)

To the recipient, the basis for the property is the same as the basis to the decedent. At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss. At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year. In general, the basis to the recipient is the fair market value at the decedent's date of death.

Question 49. 49. Sol purchased land as an investment on January 12, 2005 for $85,000. On January 31, 2014, Sol sold the land for $20,000 cash. In addition, the purchaser assumed the mortgage of $70,000 on the land. What is the amount of the realized gain or loss on the sale? (Points : 1)

$65,000 loss $15,000 loss $5,000 gain $90,000 gain None of the previous choices

Question 50. 50. An asset has an original basis of $25,000 and depreciation has been claimed for the asset in the amount of $20,000. If the asset's adjusted basis is $15,000, what is the amount of capital improvements that have been made to the asset? (Points : 1)

$5,000 $10,000 $20,000 $30,000 None of the previous choices

Question 51. 51. Carlos bought a building for $113,000 in 2010. He built an addition to the building for $26,000. In 2014, he sold it for $186,000. What was his long-term capital gain? (Points : 1)

$113,000 $47,000 $73,000 $99,000 $186,000