Question 1

An individual taxpayer with 2013 net short-term capital loss of $5,000 generally can deduct up to $3,000 for AGI and carry the balance forward to 2014.

Accepted Answer

A) True 
 B)False

Question 2

Ryan has the following capital gains and losses for 2013: $6,000 STCL,$5,000 28% gain,$2,000 25% gain,and $6,000 0%/15%/20% gain.Which of the following is correct:

Accepted Answer

A)  The net capital gain is composed of $1,000 25% gain and $6,000 0%/15%/20% gain.
B)  The net capital gain is composed of $5,000 28% gain and $2,000 0%/15%/20% gain.
C)  The net capital gain is composed of $3,000 28% gain,$2,000 25% gain,and $2,000 0%/15%/20% gain.
D)  The net capital gain is composed of $1,000 28% gain and $6,000 0%/15%/20% gain.
E)  None of the above.F) A) and D)
G) All of the above

Question 3

Robin Corporation has ordinary income from operations of $30,000,net long-term capital gain of $10,000,and net short-term capital loss of $15,000.What is the taxable income for 2013?

Accepted Answer

A)  $25,000.
B)  $27,000.
C)  $28,500.
D)  $30,000.
E)  None of the above.F) D) and E)
G) A) and B)

Question 4

Section 1231 property generally does not include artistic compositions.

Accepted Answer

A) True 
 B)False

Question 5

On January 10,2013,Wally sold an option for $2,000 on vacant land he held as an investment.He had purchased the land in 2009 for $76,000.The option allowed the option holder to purchase the property for $122,000 plus the cost of the option.On March 1,2013,the option holder exercised the option.What is the amount and nature of Wally's gain or loss from disposition of the land?

Accepted Answer

Wally's proceeds from selling the land a...

Exam 8: Property Transactions: Capital Gains and Losses, section 1231, and Recapture Provisions

Correct Answer
verified
Wally's proceeds from selling the land a...
View Answer

Robin Corporation has ordinary income from operations of $30,000,net long-term capital gain of $10,000,and net short-term capital loss of $15,000.What is the taxable income for 2013?

Correct Answer
verified

An individual taxpayer with 2013 net short-term capital loss of $5,000 generally can deduct up to $3,000 for AGI and carry the balance forward to 2014.

Correct Answer
verified

Section 1231 property generally does not include artistic compositions.

Correct Answer
verified

Ryan has the following capital gains and losses for 2013: $6,000 STCL,$5,000 28% gain,$2,000 25% gain,and $6,000 0%/15%/20% gain.Which of the following is correct:

Correct Answer
verified

Exam 8: Property Transactions: Capital Gains and Losses, section 1231, and Recapture Provisions

Correct AnswerverifiedWally's proceeds from selling the land a...View AnswerShow Answer

Robin Corporation has ordinary income from operations of $30,000,net long-term capital gain of $10,000,and net short-term capital loss of $15,000.What is the taxable income for 2013?

Correct AnswerverifiedShow Answer

An individual taxpayer with 2013 net short-term capital loss of $5,000 generally can deduct up to $3,000 for AGI and carry the balance forward to 2014.

Correct AnswerverifiedShow Answer

Section 1231 property generally does not include artistic compositions.

Correct AnswerverifiedShow Answer

Ryan has the following capital gains and losses for 2013: $6,000 STCL,$5,000 28% gain,$2,000 25% gain,and $6,000 0%/15%/20% gain.Which of the following is correct:

Correct AnswerverifiedShow Answer

Correct Answer
verified
Wally's proceeds from selling the land a...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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