Listed Property Rules Include the Following

question 50

Multiple Choice

Listed property rules include the following:
I.If listed property is not predominantly used in the taxpayer's business,the business-use portion of the asset cannot be depreciated.
II.If more than 50 percent of the listed property's total use for each year is related to the taxpayer's business,the asset is treated the same as any other mixed-use business asset.
III.When listed property is used 50% or less in the taxpayer's business,the Section 179 expense election does not apply to the asset.
IV.Listed property includes computers,and passenger automobiles.
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• A)Statements I and III are correct.
• B)Only statement IV is correct.
• C)Statements II and III are correct.
• D)Statements II,III,and IV are correct.
• E)Statements I,II,III,and IV are correct.

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Definitions:

Totals and Subtotals

Sums presented in financial statements or reports that represent the aggregation of financial data, with subtotals used to group related items together under a common category.

Dividends Payable

Refers to the amount of dividend that a company has declared to distribute to its shareholders but has not yet paid out.

Ex-dividend Basis

A stock trading status indicating that the security is sold without the right to receive the next dividend payment.

Consolidation

The process of combining the financial statements of separate subsidiaries, divisions, or entities under a single parent company to produce a unified set of financial statements.