REE 3043 FSU WOODYARD EXAM WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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REE 3043 FSU WOODYARD
Établissement
REE 3043 FSU WOODYARD
List 4 classes of real property - ACCURATE ANSWERpersonal residence
Dealer property
Trade or business property
Investment property
List three kinds of income subject to federal taxation - ACCURATE ANSWERActive income
Portfolio income
Passive income
For the purpose of federal income tax,...
REE 3043 FSU WOODYARD EXAM
REE 3043 FSU WOODYARD EXAM WITH GUARANTEED ACCURATE ANSWERS |
VERIFIED
List 4 classes of real property - ACCURATE ANSWER✅✅personal residence
Dealer property
Trade or business property
Investment property
List three kinds of income subject to federal taxation - ACCURATE
ANSWER✅✅Active income
Portfolio income
Passive income
For the purpose of federal income tax, an apartment complex purchased and held
by an investor renting space to tenants is classified as... - ACCURATE
ANSWER✅✅business property
,The dividends distributed to investors in a real estate investment trust are classified
as: - ACCURATE ANSWER✅✅portfolio income
Under current federal income tax law, for property obtained after 1994, the
allowable recovery period for owner-occupied single-family residential income
property is... - ACCURATE ANSWER✅✅none
The total tax paid by a taxpayer, a dividend their taxable income in termed: -
ACCURATE ANSWER✅✅31.5 years
For individuals and partnerships, tax losses from passive activities can be used to
offset positive taxable income from - ACCURATE ANSWER✅✅other passive
activities
If a real estate investor (sole owner) is an active participant, passive tax losses from
investment may in some cases be used to offset - ACCURATE ANSWER✅✅(all
of the above)
Wages and salary
Dividend income
Portfolio income
T or F Real property held for resale to others by contractors and brokers is
classified by the IRS as "business property" - ACCURATE ANSWER✅✅False;
Property held for resale to others by contractors and brokers is classified as "dealer
property"
Income earned from salaries, wages, and commissions is termed earned income -
ACCURATE ANSWER✅✅False; Income earned from salaries, wages, and
commissions is termed active income
, When evaluating whether to invest in a project, the investment analysis should
consider the investor's marginal tax rate as opposed to investor's average tax rate -
ACCURATE ANSWER✅✅true
The income and expenses associated with directly owning rental property, either in
the form of a sole proprietorship or a partnership, are included as "income from
rental real estate, royalties, and partnerships" on the federal tax form. -
ACCURATE ANSWER✅✅true
If the taxable income on a property is greater than the before tax cash flows, the
property has tax sheltering characteristics - ACCURATE ANSWER✅✅False;
the taxable income on a property should be less than the before tax cash flow to
have tax sheltering characteristics
Reserves that are set aside to be used in the future to replace capital item can be
deducted from the property's income for tax purposes - ACCURATE
ANSWER✅✅False; reserves for replacement cannot be expressed
For income property, up-front financing costs are not fully deductible in the year in
which they are paid. The costs must be amortized over the term of the loan. -
ACCURATE ANSWER✅✅True
Raw land purchased by an investor looking to develop a residential subdivision in
the future can be depreciated - ACCURATE ANSWER✅✅false; land is not a
depreciable asset
Residential income property purchased today is depreciated over a 29.5 year period
- ACCURATE ANSWER✅✅false; residential income property can be
depreciated over 27.5 year cost recovery period
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