1/ Sam buys Sally a gold ring as a gift. Sally sells the ring the next day. The ring is automatically considered long term because it is a gift.

Group of answer choices

True

False

2/ Trusts are qualifying taxpayers for the purpose of taking a code section 179 deduction.

Group of answer choices

True

False

3/ IRC 1231 gains are treated as capital gains.

Group of answer choices

True

False

4/ All income from whatever source derived is taxable, unless tax laws state otherwise for specific items of income.

Group of answer choices

True

False