61. The "at risk" limitation" provides that A. A taxpayer can deduct any B. A taxpayers who personally losses from a good faith business activity regardless of the extent to which the taxpayer is at-risk guarantees his Corporation's debt financing is considered to be "at risk in his investment irn ion. C. Investment through an entity D all of the above which provides limited liability does not affect your ability to take loss deductions under the at risk rules. E. None of the above 62. During the current year, Schmidt Corporation has operating income of $60,000 and a net capital loss of $25,000. What is Schmidt's taxable income? A. 0 C. $57,000 E. None of the above B.$60,000 D. $35000 63. Mary sells her personal use automobile for $20,000. She purchased the car two years ago for $16,000. What is Mary's gross income from the sale? A. $20,000. C. $3,000 E. None of the above B. $4,000 D. zero 64. George sells his car to Steven for $10,000 cash and Steven assuming George's car loan of $5.000. George's adjusted basis in the car at the time of sale was $7000. George's Gain Realized on the sale is: A. $8,000 C. $1,000 E. None of the above B.$3,000 D. $6,000 65. Sam sell his factory for a Cash Payment in the year of sale of 50,000, and 15 notes of 10,000 principle each payable annually starting one year after the sale. Sam's basis in the factory was 100,000. As a result Sam reports gain in the year of sale of. A. 50,000 C. 20,000 E.none of the above B.25,000 D. 100,000 66. Differences in treatment of corporations and individuals include: A. How charitable contributions are B. How capital gains are treated treated C. The manner in which dividends D. All of the above from domestic corporations are treated E. None of the above