1.In order to properly determine the taxability of a sale, we must know which of the following: Group of answer choices

A.When it took place

B.To whom we sold the property

C.For how much we sold it

D.The type of transaction (taxable or non-taxable)

2.The amount realized in a sale transaction can include which of the following: Group of answer choices

A.Cash received

B.Liabilities assumed by the buyer

C.Liabilities assumed by the seller

D.FMV of property received

E.FMV of property given up

F.Expenses of the sale

3.Which of the following are ways that you can obtain basis in an asset: Group of answer choices

A.Purchase

B.Gift

C.Inheritance

D.Through

E.divorce

4.Which of the following are capital assets Group of answer choices

A.Accounts receivable

B.Inventory

C.Art work

D.Stock in General Motors

E.Your car

5.If long-term gain is greater than long term loss and short term gain is less than short term loss, your tax return will show: Group of answer choices

A.LT Gain

B.ST Gain

C.ST Loss

D.a big mess

E.not enough information to decide