MACRS depreciation -year assets is based on:

1.MACRS depreciation -year assets is based on: (Points : 5) Straight-line depreciation150 percent declining balance only200 percent declining balance with a switch to straight-line200 percent declining balance onlyQuestion 2. 2.During the current year, Mrs. Mayhew received a used computer as a gift from her son personal use. The computer has a current fair market value of $350 and cost her son $850. He took $400 of depreciation deductions while it was used in his business. Mrs. Mayhew uses the computer years and then sells it for $200. What is the amount and type of gain or loss that Mrs. Mayhew recognizes on the sale? (Points : 5)$0 gain or loss$150 Section 1245 loss$150 Section 1231 loss$250 Section 1231 lossNone of the aboveQuestion 3. 3.On January 4, 2014, Courtney gave his son, Brian, stock valued at $10,000 that he had purchased three years earlier for $16,000. Later in the year, Brian sold the stock for $11,000. What is the amount and type of gain or loss that Brian will report on this sale? (Points : 5)$5,000 long-term capital loss$1,000 short-term capital loss$1,000 short-term capital gain$1,000 long-term capital gainNone of the aboveQuestion 4. 4.Cora, a calendar-year corporation, purchased a new machine for $35,000 and some used office furniture for $180,000 in July 2014. What is Cora’s maximum cost recovery deduction ? (Points : 5)$52,151$39,295$30,724$29,295