On July 17, 2018, Kevin Places in Service a Used

question 86

Multiple Choice

On July 17, 2018, Kevin places in service a used automobile that cost $25,000.The car is used 80% for business and 20% for personal use.In 2019, he used the automobile 40% for business and 60% for personal use.Determine the cost recovery recapture for 2019.

• A)$0
• B)$528
• C)$2,000
• D)$2,500

Identify how partners' self-employment income is affected by partnership activities.

Understand the implications of partnership liabilities on a partner's basis.

Grasp the tax treatments of cash distributions versus property distributions in a partnership.

Understand the tax implications of liquidating distributions in partnerships.

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Definitions:

Affordable Care Act

A comprehensive health care reform law enacted in 2010 to improve access to health insurance, expand Medicaid, and support medical care delivery methods.

American Federalism

The division of power between the national government and the individual states in the United States.

Unitary System

A sovereign state governed as a single entity in which the central government is supreme and any administrative divisions (subnational units) exercise only powers that the central government chooses to delegate.

Political Cultures

The deeply rooted norms, values, beliefs, and attitudes that define the relationship between citizens and government within a political system.