Please answer the questions. Thank you!

Question 124 of 151.

Darren Caine bought a vacation home for $265,000, plus $700 in legal fees, and $6,500 in other closing costs. He also gave his realtor a gift card for $50. The basis of his vacation home is $272,250.

True.

False.

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Question 125 of 151.

An investment property is an example of a capital asset.

True.

False.

Mark for follow up

Question 126 of 151.

A self-employed taxpayer pays self-employment (SE) tax at a rate of 7.65% on self-employment income.

True.

False.