An example of an asset that is both personal-use and personal property is:
A. A company airplane used by the CEO for business travel.
B. A storage building used by the CEO to store personal records.
C. A computer used solely to monitor the CEO's investments and to complete her Form 1040.
D. A computer used solely to email company employees regarding company activities.
E. All of the assets are personal-use and personal property.
Answer: C
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The Raja Trust operates a welding business. Its current-year cost recovery deductions properly amount to $75,000. Raja’s accounting income was $100,000 of which $40,000 was distributed to first-tier beneficiary Chuck, $25,000 was distributed to second-tier beneficiary Ruby, and $35,000 was accumulated by the trustee. Ruby also received a $25,000 discretionary corpus distribution. Raja’s DNI was $80,000. Identify the treatment of Raja’s cost recovery deductions.
What will be an ideal response?
Which of the following items would be considered a cash equivalent if it was held at the balance sheet date?
a. U.S. Treasury bill purchased when there were 90 days until maturity. b. Commercial paper with a 6-month maturity which was purchased at the issue date. c. The common stock of a company traded on the New York Stock Exchange which was purchased 30 days before the balance sheet date. d. U.S. Treasury note which matures 2 years after it is issued and which was purchased 4 months before the balance sheet date.
Which of the following is/are true?
a. Not all future benefits qualify as assets. b. All assets provide future benefits. c. Not all future benefits are assets. d. Answers a, b, and c are correct. e. None of these answer choices is correct.
Computer-integrated manufacturing (CIM) includes manufacturing systems that have:
A) computer-aided design, a flexible manufacturing system, inventory control, warehousing and shipping integrated. B) transaction processing, management information systems, and decision support systems integrated. C) automated guided vehicles, robots, and process control integrated. D) robots, automated guided vehicles, and transfer equipment integrated. E) all of their computers integrated with the marketing department.