8. Which of the following statements is true? A) Income character determines the tax year in which the income is taxed. B) Income character depends on the taxpayers filing status. C) Qualified dividend income is taxed at a lower rate than an equal amount of ordinary income. D) A taxpayer selling a capital asset at a gain recognizes ordinary income. 9. All of the following represents a type or character of income except A) Tax Exempt B) Capital C) Qualified Dividend D) Normal 10.Henry filed his 2018 tax returns on May 15h, 2019. The statute of Limitations of IRS assessment on Henry's 2018 tax return should end: A) May 15, 2021 B) April 15t 2021 C) May 15h,2022 D) April 15h, 2022 E) None of the choices are correct 11. Which of the following is true regarding depreciation recapture? A) Changes the character of a loss. B) Changes the character of a gain. C) Changes the amount of a gain. D) Only applies to ordinary assets. E) None of the choices are correct 12. Which of the following results in an ordinary gain or loss? A) Sale of a machine at a gain. B) Sale of stock held for investment C) Sale of a $1231 asset. D) Sale of inventory. E) None of the choices are correct. 13. Which one of the following is not a requirement of a deferred like-kind exchange? A) The like-kind property to be received must be identified within 45 days. B) The exchange must be completed within the taxable year. C) The like-kind property must be received within 180 days. D) The exchanged property must be like-kind. E) All of the choices are correct