Quiz 2 answers Essay Example for Free

Quiz 2 answers Essay CHAPTER 11 In the current year, Rich has a $40,000 loss from a business he owns. His at-risk amount at the end of the year, prior to considering the current year loss, is $24,000. He will be allowed to deduct the $40,000 loss this year if he is a material participant in the businessCorrect Answer: False Judy owns a 20% interest in a partnership in which her at-risk amount was $35,000 at the beginning of the year. The partnership borrowed $50,000 on a recourse note and made a $40,000 profit during the year. Her at-risk amount at the end of the year is $53,000 Correct Answer: True Kelly, who earns a yearly salary of $120,000, sold an activity with a suspended passive loss of $44,000. The activity was sold at a loss and Kelly has no other passive activities. The suspended loss is not deductibleCorrect Answer: False During the year, Bear Company incurs a $25,000 loss on a passive activity, has active income of $17,000, and portfolio income of $12,000. If Bear is a personal service corporation, it may deduct all of the $25,000 passive loss.Correct Answer: False Nathan owns Activity A, which produces income each year. He also owns Activity B, which produces passive losses each year. From a tax planning perspective, Nathan will be better off if Activity A is passive.Correct Answer: True Joe participates 95 hours in an activity, while an employee participates 5 hours. Joe has materially participated in the activity.Correct Answer: True Joyce owns an activity (not real estate) in which she participates for 100 hours a year; her husband participates for 450 hours. Joyce qualifies as a material participant. Correct Answer: True In the current year, Abby has AGI of $95,000 and a $40,000 loss from a real estate rental activity in which she is a 15% owner. If she is an active participant, she can deduct $25,000 of the loss Correct Answer: True CHAPTER 13 Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property’s adjusted basis at the date of disposition. Correct Answer: True If the buyer assumes the seller’s liability on the property acquired, the seller’s amount realized is decreased by the amount of the liability assumed. Correct Answer: False Expenditures made for ordinary repairs and maintenance of property are not added to the original basis in the determination of the property’s adjusted basis whereas capital expenditures are added to the original basis. Correct Answer: True A realized gain on the sale or exchange of a personal use asset is recognized, but a realized loss on the sale or exchange of a personal use asset is not recognized. Correct answer true When a taxpayer has purchased several lots of stock on different dates at different purchase prices and cannot identify the lot of stock that is being sold, he may choose which lot of stock is deemed to be sold. Correct Answer: False Property received as a gift can be sold by a donee and result in neither recognized gain nor loss. Correct Answer: True The basis for depreciation on gift property that is depreciable by the donee, is the donor’s adjusted basis of the property at the date of the gift. Correct Answer: True Property that has been converted from personal use to business use will be dual basis property (a different basis for determining gain vs. loss) if the adjusted basis exceeds the fair market value at the date of conversion. Correct Answer: True A class of depreciable tangible personal property can be exchanged for another class of depreciable tangible personal property and qualify as like-kind propertyCorrect Answer: False CHAPTER 14 A university professor writes a mystery novel and publishes it at his own expense. Several years later, a national publishing company buys the copyright to the book for $345,000. The professor has no tax basis for the copyright. The professor has a long-term capital gain of $345,000. Correct Answer: False Real property subdivided for resale into lots, even if no substantial physical improvements have been made to the property, always causes the gain from sale of the lots to be treated as ordinary income. Correct Answer: False Original issue discount is amortized over the life of the bond. Correct Answer: True As a general rule, the sale or exchange of an option to buy or sell property results in capital gain or loss if the property subject to the option is a capital asset in the hands of the option holder. Correct True The only things that the grantee of an option may do with the option are exercise it or let it expire. Correct Answer: False To compute the holding period, start counting on the day the property was acquired and include the day of sale or exchange.Correct Answer: False A  §1231 asset is usually also a capital asset. Correct Answer: False Section 1231 property includes certain purchased intangible assets (such as patents and goodwill) that are eligible for amortization and held for more than one year. Correct Answer: True Nonrecaptured  § 1231 losses from the seven prior tax years may cause current year net  § 1231 gain to be treated as ordinary income.Correct Answer: False The Code contains two major depreciation recapture provisions— §Ã‚ § 1245 and 1250. Correct: True For  § 1245 recapture to apply, accelerated depreciation must have been taken on the property = False Section 1231 lookback losses may convert some or all of potential unrecaptured  § 1245 or  § 1250 gain into ordinary income. Correct Answer: True

Personal Narrative- The Day My Sister Left for College Essay -- Person

Personal Narrative- The Day My Sister Left for College I had woken up extra early that morning to watch it all happen. To watch part of my life that had been ever so dominant disappear in a small gold 96’ Saturn. I watched it carefully, not thinking that these few moments would be our last, but that they would be the last that we were in some way equal. The day that my big sister drove away to college was the day my life changed. For the past 15 years, I had wanted to live and breathe whatever she did. A living shadow, I guess would be a good way to describe it. She was just so cool. Who wouldn’t want to be her? Flashbacks entered my head as my mom and dad scurried around for the last things to load up while my sister read off the never ending check list to the air. I guess I was supposed to be checking, making sure that she hadn’t forgotten anything, but memories of Barbie Dolls and Lucky Charms flooded my brain. It was about one o’clock when she finally pulled away, but not before saying her goodbyes. Humid summer wind blew her hair in her eyes. She started with our f...

Africans in America Growth of Slavery in the 1600s and 1700s

CHAPTER 13 Trait Theories (p. 447) 1. b. 2. (a)ii, (b)iii, (c)iv, (d)v, (e)i. 3. e. Psychoanalytic/Psychodynamic Theories (p. 455) 1. The conscious is the tip of the iceberg and the highest level of awareness; the preconscious is just below the surface but can readily be brought to awareness; the unconscious is the large base of the iceberg and operates below the level of awareness. 2. b. 3. Freud believed an individual’s adult personality refl ected his or her resolution of the specifi c crisis presented in each psychosexual stage (oral, anal, phallic, latency, and genital). 4. a) Adler, (b) Horney, (c) Jung, (d) Horney. Humanistic Theories (p. 458) 1. a. 2. c. 3. self-actualization. 4. Humanistic theories are criticized for their naive assumptions, poor testability and inadequate evidence, and narrowness in merely describing, not explaining, behavior. Social-Cognitive Theories (p. 460) 1. how each individual thinks about the world and interprets experiences. 2. a. 3. c. 4. e xternal locus of control, internal locus of control. Biological Theories (p. 462) 1. d. 2. Some researchers emphasize the importance of the unshared environment, while others fear that genetic eterminism could be misused to â€Å"prove† certain ethnic groups are inferior, male dominance is natural, or that social progress is impossible. 3. b. 4. c. Personality Assessment (p. 469) 1. (a)ii, (b)i, (c)iii. 2. projective; 3. b. 4. People accept pseudo-personality tests because they offer generalized statements that apply to almost everyone (Barnum effect), they notice and remember events that confi rm predictions and ignore the misses (fallacy of positive instances), and they prefer information that maintains a positive self-image (self-serving bias).

Franz Kafka s The Metamorphosis - 1544 Words

Franz Kafka, struggled throughout his life with isolation, which is clearly a great influence and inspiration in his work, The Metamorphosis. Franz Kafka was born in 1883 to an upper middle class Jewish family in Prague. Kafka struggled with many problems in all facets of his life, most significantly in his his health, his relationships with the people in his life, and his relationship with work. Each of these problems contributed to his isolation, which is reflected in his character Gregor Samsa’s isolation from the world around him. The early 1900s, the time in which Kafka did much of his writing was marked by events such as World War I, which notably shaped popular opinion and the literary style of the time. The shift from the†¦show more content†¦This was the first time most people were exposed to such a serious level of horror and pain. Writers could no longer relate to the sense of romantic optimism. The modernism movement itself is based not upon history or the events of the time, but on the alienation, loss, and despair so deeply rooted in the minds of everyone affected by World War I. Modernism is built upon the foundation of a few main tenets. After World War I, modernism displayed the sense of disillusionment and fragmentation people felt in regard to their world (The Editors of Encyclopedia Britannica). To show off this fragmentation of reality, writers used surprising metaphors for the internal states of their characters. A new style that emerged in modernism is stream of consciousness. In stream of consciousness writing, fragments of thought break up the narration in order to more closely assimilate the way that humans actually think. Another important tenet of modernism is the â€Å"the world is what we say it is† quality in which there is no absolute truth in the reality of the narrative because everything is relative. In Franz Kafka’s The Metamorphosis, the stream of consciousness style and the â€Å"the world is what we say it is† quality are the elements of modernism that are most notable. These traits are shown through the narration of the main character, Gregor Samsa’s thoughts and through the reaction of his family to his sudden transformation into aShow MoreRelatedThe Metamorphosis Franz Kafka s Metamorphosis1663 Words   |  7 PagesIn The Metamorphosis Franz Kafka tells the story of a young man named Gregor who observes the radical changes in his life after transforming into an insect. Gregor’s life was centered on his job as a traveling salesperson and his family. One morning Gregor woke up transformed into an insect. Afraid of the transformation Gregor stays in his room and ignores calls from his family. When Gregor realized that his new body did not allow him to have a normal life, he tried to adapt. After his metamorphosisRead MoreMetamorphosis By Franz Kafka s Metamorphosis1496 Words   |  6 PagesIn Franz Kafka s Metamorphosis, Grete changes from a child into an adult while also trying to do the opposite with her own family. Gregor’s metamorphosis leaves her family without anybody money to pay for their needs. Consequently, Grete replaces Gregor and begins to cook and clean for her family and go to work. These jobs allow Grete to become more experienced and to mature. Similarly, Grete shows displays these changes by dressing more provocatively and becoming more interested in romance. HoweverRead MoreReview Of Franz Kafka s The Metamorphosis 958 Words   |  4 PagesBibliography of the Life of Franz Kafka There are several aspects about the writing of Franz Kafka that make it enticing to the reader and tantalizing enough to keep the reader intrigued. The narrative that I find most intriguing by Kafka is The Metamorphosis. The Metamorphosis is a tale wherein Kafka essentially gives his perception of the story of his life through the use of storytelling devices, which without the use of them would have made it a less interesting tale. Franz Kafka was born on July 3rdRead MoreAnalysis Of Franz Kafka s The Metamorphosis 3979 Words   |  16 PagesAustin Day Professor Imali Abala English 357 18 February 2015 The Theme of Alienation in Franz Kafka’s The Metamorphosis The Metamorphosis written by Franz Kafka in 1915 is said to be one of the greatest literary works of all time and is seen as one of Kafka’s best and most popular works of literature. A relatively short novel; the story explains how the protagonist, Gregor Samsa wakes up one morning to find himself transformed into a vermin which completely estranges him from the world even moreRead MoreAnalysis Of Franz Kafka s The Metamorphosis 1087 Words   |  5 Pagesmercy were ignored. Franz Kafka’s novella is not about a dictator but it alludes to a person close to Franz that was as close to a dictator that he ever go to. Franz Kafka’s The Metamorphosis, is about a young man that wakes up one day and is a vermin and has to maneuver around his home and come to terms with his six itchy legs. It probably sounds like a load of fictitious ramblings that somehow became a classical novel. Wrong! Look a little closer and the secret message Franz Kafka wrote for his fatherRead M oreFranz Kafka s The Metamorphosis882 Words   |  4 Pagesâ€Å"The Metamorphosis† is a surreal story by Franz Kafka surrounding the transformation and betrayal of Gregor Samsa, who wakes up one day, reborn into a large insect. Along with the bizarre and nightmarish appearance of his new hard back, brown segmented belly, and many legs, Gregor only desire is to live a normal life, unfortunately, this is impossible because he struggles to even get out of bed. Gregor transformation into an insect is a vivid metaphor for the alienation of humans from around theRead MoreFranz Kafka s The Metamorphosis1222 Words   |  5 Pagestear you down. In Franz Kafka’s The Metamorphosis this destruction is what is seen in the Samsa family. Through what they believe to be necessary, Gregor’s family destroys the environment that he knows, Gregor Samsa destroys his family, and Mr. and Mrs. Samsa bring unnecessary destruction to both of their children. The very nature of Kafka’s The Metamorphosis is change and the effect on people. The first very obvious change is that of Gregor Samsa into a â€Å"monstrous vermin† (Kafka 3). However, oneRead MoreFranz Kafka s The Metamorphosis814 Words   |  4 Pages When Franz Kafka first penned his short novel The Metamorphosis in 1915, he had no idea that it would become one of the most influential pieces of fiction of the twentieth century, continuously being studied in colleges and universities across the Western world. The novel rotates around the life of a man named Gregor Samsa, who wakes up on a routine day, and suddenly finds himself transformed into an insect. As the story progresses, the reader can see how Gregor’s physical transformation triggersRead MoreAnalysis Of Franz Kafka s Metamorphosis1985 Words   |  8 Pagestruly seen? Does one view one’s external self, or do they see a reflection of past experience? Not many have the value of altruism, bu t some do. Sometimes altruism can turn extremist though, to the point where it can be a negative thing. In Franz Kafka’s Metamorphosis, the main character Gregor Samsa is a workaholic that randomly one day awakens as a bug. Initially, Gregor sees himself with a condition, and then slowly tries to adapt to his bug transformation. Gregor did not put himself first when heRead MoreFranz Kafka s The Metamorphosis1630 Words   |  7 Pagesomnipresent in the context of Franz Kafka’s The Metamorphosis. Throughout the story, the Samsa family struggle to balance their own lives and the sympathy for Gregor, the only son, as his transformation from human to cockroach leaves a burden on the family and results in the loss of Gregor’s humanity. Despite the fact that Gregor had been the sole income of the family, the loss of humanity from becoming a cockroach was overwhelming to the family, resulting in selfish tendencies. Kafka displays how humans are