HS321: Chpt 14

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0 [{"id":406761,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"Sales of capital assets held by individuals for more than 12 months result in long-term capital gains and\/or losses. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406768,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"On the sale of depreciable real property held for more than 1 year and used in the taxpayer\u2019s trade or business, all gains and losses are treated as capital gains and losses. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":"On the one hand, if depreciable real property used in a trade or business (Sec. 1231 property) is sold and the gains exceed the losses, the resulting net gain is treated as a long-term capital gain. On the other hand, if the losses exceed the gains, the resulting net loss is treated as an ordinary loss, deductible in full from the taxpayer\u2019s ordinary income. However, net Sec. 1231 losses are subject to a special recapture provision.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406770,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"A piece of art could be capital gain property, ordinary income property, or Sec. 1231 property, depending how a taxpayer uses the art. [4]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406767,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"Short-term capital gains and losses of individual taxpayers are netted together to determine the taxpayer\u2019s net short-term capital gain or loss. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406760,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"A capital asset includes all property held by the taxpayer. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":"A capital asset as defined in the Internal Revenue Code includes all property held by the taxpayer whether or not it is connected with the taxpayer\u2019s trade or business, with certain exceptions. Some of the exceptions are: stock-in-trade or other property held primarily for sale to customers in the ordinary course of the taxpayer\u2019s business; depreciable or real property used in the taxpayer\u2019s trade or business; and accounts receivable acquired in the ordinary course of business for services rendered or from the sale of inventory.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406771,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"Two single taxpayers with identical amounts of MAGI over the \u201cthreshold amount\u201d will always pay identical investment income tax. [5]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":"Individuals are subject to a tax of net investment income for each year of 3.8 percent imposed on the lesser of (a) net investment income or (b) the excess of modified adjusted gross income over the threshold amount. It is possible for taxpayers to have identical modified adjusted gross income yet have differing amounts of net investment income. Consider the example of two couples filing jointly with identical modified adjusted gross income of $325,000. However, they may pay different amounts of net investment income tax because they have differing amounts of net investment income. Thus each couple will pay a differing amount of net investment income tax.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406762,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"Sales of collectibles qualify for the lowest maximum tax rate on long-term capital gains of individuals. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":"The gain on collectibles is subject to a maximum capital-gains rate of 28 percent.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406766,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"Excess capital losses that an individual cannot use in the current year can be carried forward and deducted in future years. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406769,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"Sec. 1231 property used in a trade or business receives very preferential tax treatment; that is, gains from the sale of such property are capital gains while losses are fully deductible against ordinary income. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406764,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"Individuals may deduct capital losses in full against capital gains. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406763,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"The portion of an individual\u2019s long-term capital gains from the sale of real estate that is attributable to unrecaptured depreciation is subject to a maximum tax rate of 25 percent. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":406765,"quiz_id":"20543","answer_id":null,"answerType_id":"0","created_at":"2018-03-12 04:37:42","updated_at":"2018-03-12 04:37:53","questionName":"Individuals may deduct up to $5,000 of net capital losses per year against ordinary income. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":"The maximum annual amount of net capital losses that can be deducted against ordinary income is $3,000 ($1,500 if married filing separately).","question_score_id":null,"lang":null,"questionAudioPath":null}]
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Sales of capital assets held by individuals for more than 12 months result in long-term capital gains and/or losses. [2]

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