QUESTION 11 1 points Save Answer Aaron has a successful business with $50,000 of income in 2019. He purchased a new 7-year MACRS property with a cost of $7.000 For tax purposes, what is the largest amount Aaron can deduct in 2019 for the new asset? a $500 Ob $1.000 Oc$3,500 Od $7,000 1 points Save Answer QUESTION 12 In the current year, Keyaki Construction Company exchanged a building, which cost $530,000 and had accumulated depreciation of $160,000, for a new building having a fair market value of $650,000. In connection with the exchange, Keyaki paid $280,000 in cash. What is the tax basis of the new building? O a $370,000 Ob $530,000 Oc5650,000 Od $690.000 O e None of the above 1 points Save Answer QUESTION 13 On January 1, 2019, Ted purchased a small software company for $200,000. He paid $120,000 for the fixed assets of the company and $80,000 for goodwill. How much amortization may Ted deduct on his 2019 tax return for the purchased goodwill? O a $0 Ob $5,333 Oc $5,750 Od $6,000 O $90,000 1 points Save Answer QUESTION 14 197 intangibles O a Are amortized based on current fair market value rather than their actual cost. Ob Must be amortized over a 15 year life, regardless of their actual life O Do not include purchased goodwill or going-concem value Od Include intangible assets created and not purchased by the taxpayer QUESTION 16 1 points Save