At what point do you calculate the gain/loss on an asset for tax purposes?

Group of answer choices

A. Every year you must report your unrealized and realized gain/losses on your tax return.

B. Only in the year the asset is sold.

C. At any time the asset's fair market value changes.

D. Only when the IRS asks for it.

What is the formula for calculating a Gain or Loss from the sale of an asset?

Group of answer choices

A. Basis of Cash or Property Received less Fair Market Value of Asset sold = Gain/(Loss)

B. Amount Realized less Historical Original Unadjusted Basis = Gain/(Loss)

C. Cash Received less Adjusted Basis = Gain/(Loss)

D. Amount Realized less Adjusted Basis = Gain/(Loss)

Which of the following is not included in "Amount Realized" as discussed in the lecture?

Group of answer choices

A. Future verbal promises to pay for the item

B. Amount received by the seller from the buyer

C. Cash

D. Fair Market Value of Property

E. Seller debt assumed by buyer