1.Which of the following regarding unrealized, realized, or recognized gains or losses isfalse?

Question options:

a realized gain must be recognized

an unrealized loss is rarely recognized

a realized gain may not be recognized if it is excludable or deferrable

all of the above

2.Which of the following inherited properties does not get stepped up to date of death fair market value and therefore still exposes the person inheriting the property to income tax on appreciation or income during the life of the deceased person?

Question options:

shares of a mutual fund that have appreciated in value at the time of death

land and buildings that have appreciated in value at the time of death

accrued income on bonds and dividends declared on stocks during the life of the deceased owner but not paid until after death

none of the above