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2. Capital assets a. What is a capital asset (in your own words)? b. What are the taxable rates applied (define each and under

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2. Capital assets a. What is a capital asset (in your own words)? b. What are the taxable rates applied (define each and under what circumstances). c. When the sale of a capital asset generates a loss, can the taxpayer deduct it directly in their tax return? 3. Name three "Deductions above the line". I 4. An individual taxpayer can deduct up to $1,000 in charity donations made in cash, regardless of whether they itemize deductions or not. (True or false).

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