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Which of the following is true of a like-kind exchange:
a. A new holding period for capital gains treatment starts on the day the exchange is completed
O b. There must be no cash exchanged to qualify.
O c. Office furniture can be exchanged for computers.
O d. The properties exchanged cannot be personal property.
The child and dependent care provisions:
O a. Are available for the care of spouses incapable of self-care.
O b. Are available only to single parents
O c. Are allowed only for taxpayers earning less than $43,000.
O d. Apply only to children under age 15.
In calculating MACRS tax depreciation:
a MACRS depreciation requires that salvage value be taken into account.
O b. Straight-line depreciation is higher than double declining balance depreciation in the early years
O c, Double declining balance is a method of straight-line depreciation.
O d. Straight-line depreciation is higher than double declining balance depreciation in the later years
Taxpayers are allowed two tax breaks for adoption expenses. They are allowed
Paid by employer
O a Exclusion
O c Credit
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