In the current year, Norbert, an individual, has $50,000 of ordinary income, a Net Short-Term Capital Loss (NSTCL) of $10,000 and a Net Long-Term Capital Gain (NLTCG) of $2,800. From his capital gains and losses, Norbert reports:

Wheeler LLC purchased two assets during the current year (a full 12-month tax year). Wheeler placed in service computer equipment (5-year property) on November 16 with a basis of $15,000 and furniture (7-year property) on April 20 with a basis of $11,000. Calculate depreciation expense, rounding to a whole number (ignoring §179 and bonus depreciation). The depreciation table value is 20% for 5 year property and 14.29% for 7 year property for the half year depreciation table. The mid quarter table has a 4th quarter 5 year value of 5%, and a 2nd quarter 7 year value of 17.85%.

How is residential rental property depreciated?

Barney deducted $4,400 of state income taxes on his tax return last year. This year, he received a state income tax refund of $400. What amount of the refund, if any, should Barney include in his gross income if last year his total itemized deductions exceeded the standard deduction by $350?

During the year, Danny, a calendar year taxpayer, purchased and put into service the following assets: January ,Delivery trucks $50,000, March, Warehouse $150,000 ,June Computer system $30,000, September Car $30,000, November office equipment $90,000. Which convention(s) should be used?

Which of the following is not true about depreciation methods?

Which of the following may facilitate the spread of COVID-19 in the dental setting?

Michelle is actively participating by managing her rental duplex she owns. During the year, the property generates a ($15,000) loss; however, Michelle has sufficient tax basis and at-risk amounts to absorb the loss. If Michelle has an AGI of $85,000, how much loss can Michelle deduct?

Which of the following statements is not true about bacteria?  

What kind of diagnosis is the dentist using when he elects to make an incision to examine the contents of a cyst?