1. Corporations treatment of the following item(s) are different than that of individuals.

   		Capital Gains and losses
   		Taxation of dividends received from corporations
   		Charitable Contributions
   		All of the above
   		None of the above

1.3334 points

QUESTION 48

1. A trade or business asset is not a capital asset but can produce a capital gain or loss under section 1231

   True

   False

1.3334 points

QUESTION 49

1. Adam owns 100 shares of General Electric stock with an adjusted basis of $9,000. He sells the shares to his son John for their fair market value of $8000. As a result Adam will report an allowable loss of $1000.

   True

   False