1. Which of the following is not correct?

Answer:

1. Recognized capital gain is reduced by a deferred gain from realized capital gain
2. A recognized capital loss is increased by deferred loss from realized capital loss
3. Realized capital gain minus tax-free gain can become recognized capital gain
4. Postponed loss can be recognized or tax-deductible in the later years

2. During the current year, Ted sells his sailboat (adjusted basis of $4,000) for $5,500.

With no other information, what is Teds realized and recognized capital gains or losses from the sale of the sailboat?

Answer:

3. Please choose the assets in the following that are not capital assets.

1. Stock of Tesla
2. Inventory
3. Treasury bond
4. Accounts receivable

please answer all 3 questions as soon as possible