1. An example of a realized gain that would be postponed is:

a)	exchange of like-kind property.

b)	wash sale of publicly traded stock

c)	both a and b

d)	all of the above

2. For individual taxpayers, capital losses can be:

	deducted for AGI to the extent of capital gains included in the taxpayer's gross income
	deducted from AGI to the extent of capital gains included in the taxpayer's gross income
	deducted for AGI to the extent of capital gains included in the taxpayer's gross income plus $3,000
	deducted from AGI to the extent of capital gains included in the taxpayer's gross income plus $3,000

3. Generally, the amount of equipment purchases that could be written of as expense in the year of acquisition would be maximized if the taxpayer:

	Used Section 179 on assets acquired in the fourth quarter.
	Used Section 179 on five-year assets rather than on seven-year assets.
	Increased equipment purchases from $1,050,000 by another $500,000.
	Deferred the recognition of income so as to create a net loss from the business for the year.
	None of the above

4. The capital recovery doctrine ensures that:

	none of the proceeds of a taxpayer's investment is included in income
	all of the proceeds of a taxpayer's investment are included in income
	only the excess of the proceeds over a taxpayer's investment is included in income
	None of the above