$IU SU U ULIUIUWUN X 12- Which one of the following is a capital asset? A) automobile held by car dealer for sale B) automobile used for personal purposes C) automobile used in taxpayer's trade or business D) B and C only Answer: B 13- Erik purchased qualified small business corporation stock on December 1, 2010 and sold it for a $500,000 gain on December 12, 2019. The gain subject to tax is A) $0.B) $500,000. C) $250,000. D) $125,000 *14- Andrea died with an unused capital loss carryover of $3,300. The carryover A) may be carried back three years. B) will be fully used on Andrea's final income tax return. C) will be inherited by Andrea's heirs. D) expires with death. T r aneartinns: Shortterm capital loss