Taxpayers elect into Section 179 and elect out of Bonus depreciation.

Which of the following best describes recourse liabilities?

If a taxpayer places a $50,000 machine in service in February, and in November a $10 million building is placed in service, the mid-quarter convention will apply.

KNOX Partnership has the following revenues, expenses, gains and losses:Sales Revenue$500,000Cost of Goods Sold$200,000MACRS Depreciation$50,000Municipal Bond Interest$10,000Guaranteed Payment to Partner$30,000Long-term Capital Gains$8,000Employee Wages$120,000Determine KNOX’s ordinary business income (loss).

Felco Inc. began business operations on November 1, incurring start-up costs totaling $51,000. Which of the following is correct (round final calculations to whole dollar)?

Assuming no elections are made, under §351 Ginger contributes property with basis to her of $100,000 and fair market value of $75,000 to Spice Corp. Which of the following statements is correct related to this property contribution?

Shell Corp began business operations on February 1 of the current year and generated gross receipts of $29 million as of December 31, its calendar year-end. Which of the following statements is correct?

In a transaction that qualifies for tax-deferred treatment, such as §351 where a shareholder contributes property to a corporation in exchange for stock resulting in 80% control of voting and total shares, which of the following statements is correct?

Each of the following is a common exemption/exclusion from state sales/use tax except:

In the current year, Nash Corporation donated $250,000 cash to a qualifying charity. For the year, Nash had current year taxable income of $1,980,000 before deducting the donation and a NOL carryover from last year in the amount of $25,000. What amount of the donation is Nash allowed to deduct in the current year?