Gain or loss can be calculated after which of the following transactions? Select all that apply.

Group of answer choices

sale

casualty

theft

cash received

Flag this Question

Question 21 pts

How is a gain from the sale of a capital asset held for more than one year taxed?

Group of answer choices

more favorable rate

less favorable rate

ordinary tax rate

higher rate

Flag this Question

Question 31 pts

True or false? If a taxpayer sells stock on June 11, 2013 that was purchased on November 23, 2012 for a $1,000 gain, the gain is taxed at an ordinary rate.

Group of answer choices

True

False

Flag this Question

Question 41 pts

The ownership test for the residential housing exclusion requires that taxpayer to own the property for ________ of the last ________ years.

Group of answer choices

two, five

two, three

two, four

three, five

Flag this Question

Question 51 pts

If a taxpayer had $10,000 of W-2 income and a $2,000 short term capital gain, what would be the adjusted gross income (AGI)?

Group of answer choices

$8,000

$12,000

$2,000

$0

Flag this Question

Question 61 pts

How is a gain from the sale of a capital asset held for less than one year taxed?

Group of answer choices

more favorable rate

less favorable rate

ordinary tax rate

higher rate

Flag this Question

Question 71 pts

The sale of a principal residence allows the exclusion of up to ________ for a married taxpayer.

Group of answer choices

$100,000

$150,000

$250,000

$500,000

Flag this Question

Question 81 pts

What is a long-term capital gain (LTCG)?

Group of answer choices

a capital asset held for one year or less sold for less than its basis

a capital asset held for one year or less sold for more than its basis

a capital asset held for more than one year sold for more than its basis

a capital asset held for more than one year sold for less than its basis

Flag this Question

Question 91 pts

How is the gain or loss of a capital asset calculated?

Group of answer choices

adding the fair market value to the basis of the capital asset when sold

subtracting the fair market value from the basis of the capital asset when sold

adding the basis of the capital asset when sold to the fair market value

subtracting the basis of the capital asset when sold from the fair market value

Flag this Question

Question 101 pts

What is the amount "realized" in a capital asset transaction?

Group of answer choices

the cash received from the sale of an asset

the exchange of a similar asset

the taxable amount from the sale of an asset

the fair market value of the proceeds from the sale of an asset