13) If there is a net § 1231 loss, it is treated as a. an ordinary b. a long-ter

Question

13) If there is a net § 1231 loss, it is treated as a. an ordinary b. a long-term capital loss. c. not deductible d. none of the above. loss. 14) The possible holding periods for capital assets inclu a. Short-term-held 14 months or less. b. Long-term greater than 6 months. Long-term greater than 12 months. Short-term= greater than 12 months. de d. 15) A business taxpayer sells inventory for $100,000. The adjusted basis of the property is S of the sale and the inventory had been held for more than one year. The taxpayer has: a. sold a long-term capital asset. b. sold a short-term capital asset. c. an ordinary gain. d. none of the above 16) A worthless security had a holding period of 6 months when it became worthless on December 10, 2016 The investor who had owned the security had a basis of $20,000 for it. Which of the following statements is correct? a. The investor has a long-term capital loss of $20,000 b. The investor has a short-term capital loss of $20,000. c. The investor has a nondeductible loss of $20,000. d. The investor has a short-term capital gain of $20,000. 17) Jay has the following capital gains and losses for the tax year: $6,000 short-term capital loss, S5 000 28% gain, $3,000 25% gain, and $7,000 0/15/2090 gain. Which of the following is correct? a. The net capital gain is composed of $2,000 28% gain and $7,000 0,15/20% gain. b. The net capital gain is composed of $5,000 28% gain and $4,0000/15/20% gain C. The net capital gain is composed of $2,000 25% gain and $7,000 0/15/20% gain. d· The net capital gain is composed of $5,000 28% gain, $3,000 25% gain, and $1,000 0/15/20% gain. 18) During the tax year, Andre has $20,000 short-term capital loss, $8,000 28% gain, and $4,0000/15/20% gain. Which of the statements below is correct? a. Andre has a $20,000 capital loss deduction. b. Andre has a $8,000 capital loss deduction. c. Andre has a $5,000 capital loss deduction. d. Andre has a $3,000 capital loss deduction. 19) Under current law for 2017, the maximum child tax credit per qualifying child is b. $1,000 d. $2,000

Explanation / Answer

Solution:-

13. a. an ordinary loss

14. c. Long-term = greater than 12 months.

15. c. an ordinary gain

16. b. the investor has a short-term capital loss of $20,000.

Note:- As per chegg guidelines if more than four question is posted than we liable to answer only first four question.

Please Rate or comment if you have any doubt regarding this solution.

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.