1/ Mary sold a piece of art, Waters Edge, for a gain of $12,000. Under what authority is the tax treatment of this gain determined?

a) Section 408(m)

b) Section 1(h)(5)(A)

c) Section 170(b)(1)(D)

d) Section 1221

e) More than one of the above.

2/ Jack is considering an investment in cryptocurrency in the coming year and is concerned about the tax treatment. Under IRS Notice 2014-21, cryptocurrency is considered an investment asset unless held by a dealer.

a) True

b) False