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NEW QUESTION: 1
Ryan, age 57, is single with no dependents. On July 1, 1997, Ryan's principal residence was sold for the net amount of $500,000 after all selling expenses. Ryan bought the house in 1963 and occupied it until sold. On the date of sale, the house had a basis of $180,000. Ryan does not intend to buy another residence. What is the maximum exclusion of gain on sale of the residence that may be claimed in Ryan's 1997 income tax return?
A. $0
B. $250,000
C. $320,000
D. $125,000
Answer: B
Explanation:
Explanation
Choice "b" is correct. $250,000 maximum exclusion from taxable income.
Rule: An individual may exclude from income up to $250,000 gain provided that the property was the taxpayer's primary residence for 2 of the last 5 years. Married taxpayers may exclude gains up to
$500,000.
Choice "a" is incorrect. $320,000. Ryan, age 57, was not married. Thus, his exclusion was limited to
$250,000.
Choice "c" is incorrect. The $125,000 exclusion was old law and eliminated for sales after 5/6/97.
Choice "d" is incorrect, per the above rule.
NEW QUESTION: 2
Which of the following areas is MOST susceptible to the introduction of security weaknesses?
A. Database management
B. Incident response management
C. Configuration management
D. Tape backup management
Answer: C
Explanation:
Explanation/Reference:
Explanation:
Configuration management provides the greatest likelihood of security weaknesses through misconfiguration and failure to update operating system (OS) code correctly and on a timely basis.
NEW QUESTION: 3
A customer purchased a Vblock System 340 with a VNX5400.
Which statement contains the DAE types that are supported?
A. 2 U, 25 2.5" drive; 3 U, 15 3.5" drive
B. 3 U, 25 2.5" drive; 2 U, 15 3.5" drive
C. 2 U, 25 3.5" drive; 3 U, 15 2.5" drive
D. 2 U, 15 2.5" drive; 3 U, 25 3.5" drive
Answer: A