Multiple Choice: 14: Which of the following are capital assets? a. Assets held for investment. b. Personal use assets. c. Miscellaneous assets identied by Congress. d. All of the above. 15. What is the maximum yearly deduction for capital losses (for noncorporate taxpayers)? a. $3,000.00 b. $10,000.00 c. $15,000.00 (1. None of the above. 16. Generally, what is a taxpayer's basis in property that the taxpayer acquires? a. Fair market value. b. The cost to acquire the property. c. Both A and B. d. None of the above. 17. What is the maximum exclusion for gain from the sale of a primary residence for a taxpayer who les under a single ling status? a. $250,000.00 b. $25,000.00 c. $2,500.00 d. None of the above. 18. Generally, what is the amount realized by the seller upon the sale or other disposition of property? a. It is the sum of money received (which includes any debt assumed by the buyer) plus the fair market value of any property received. b. The fair market value of like-kind property. c. All of the above. d. None of the above. 19. Collectibles, even though they are held long term, are subject to which tax alternative tax rate? a. 20%. b. 14%