please see attached file which is my questions which have to be answer.

Which of the following is a capital asset? A literary work held by the author Real estate held by a developer A taxpayer's personal automobile A truck used in a taxpayer's business None are correct. Perry acquired raw land as an investment 15 years ago. The land cost $60,000. In the current tax year, the land is sold for a total sales price of $120,000, consisting of $10,000 cash and the buyer's note for $110,000. If Perry elects to recognize the entire gain in the year of sale, what is his recognized gain in the current tax year? $50,000 $60,000 $100,000 $110,000 None are correct. On August 8, current tax year, Sam, age 62, sold for $210,000 his principal residence which had an adjusted basis of $60,000. On November 1, current tax year, he purchased a new residence for $80,000. For the current tax year, Sam should recognize a gain on the sale of his residence of: $0 $25,000 $50,000 $130,000 None are correct. Terry has a casualty gain of $1,000 and a casualty loss of $5,000, before the $100 floor and before the adjusted gross income limitation. The gain and loss were the result of two separate casualties occurring during the current tax year and both properties were personal-use assets. If Terry itemizes deductions on her current tax year return, and has adjusted gross income of $25,000, what is Terry's gain or loss (deduction) as a result of these casualties? $4,900 itemized deduction, $1,000 capital gain $3,900 itemized deduction $1,400 itemized deduction, $1,000 capital gain $2,400 itemized deduction None are correct. The exclusion of gain on the sale of a personal residence may be elected only by a taxpayer who has owned three or more residences. True False The exchange of shares of stock does not qualify for like-kind exchange treatment. True False The amount of ordinary income recognized on the sale of a Section 1245 asset is limited to the total gain realized on the sale. True False If insurance proceeds exceed the taxpayer's basis in property destroyed by fire, the taxpayer may be required to recognize a gain. True False If the proceeds from the sale of property will be collected over a period of more than one year, a taxpayer is required to use the installment method. True False The condemnation of property is not an involuntary conversion, since it is done pursuant to a government decree. True False If property is received from a decedent, the taxpayer who receives the property has the same basis in the property as the decedent. True False There is no limit on the amount of capital losses that an individual may deduct against ordinary income. True False Taxpayers are allowed to offset net short-term capital losses with net long-term capital gains. True False The exchange of inventory does not qualify for like-kind exchange treatment. True False Assuming a taxpayer has no other gains or losses for the year, a loss from the theft of a Section 1231 asset is treated as a capital loss. True False In a like-kind exchange, relief from a liability is treated as boot. True False In the current year, the basis of a taxpayer's replacement residence is equal to the cost of the replacement residence less the gain which was deferred on the sale of the old residence. True False To have the like-kind exchange provisions apply, a taxpayer must make an election. True False The depreciation recapture provisions are designed to prevent taxpayers from converting capital gains into ordinary income. True False An artist's painting is not a capital asset when held by the artist. True False The basis of property received as an inheritance is generally equal to the fair market value at the date of death. True False Bennett purchased a tract of land for $20,000 three years ago when he heard that a new highway was going to be constructed through the property and the land would soon be worth $200,000. The highway project was abandoned in the current tax year and the value of the land fell to $15,000. Bennett can claim a loss in the current tax year of: Martha has a net capital loss of $20,000 and other ordinary taxable income of $45,000 for the current tax year. What is the amount of Martha's taxable income after deducting the allowed capital loss? Perry acquired raw land as an investment 15 years ago. The land cost $60,000. In the current tax year, the land sold for a total sales price of $120,000, consisting of $10,000 cash and the buyer's note for $110,000. Assume that Perry uses the installment method to recognize the gain and receives only the $10,000 down payment in the year of sale. How much gain should Perry recognize in the current tax year? Ben purchased an apartment building on January 1, thirteen years ago, for $200,000. The building has been depreciated over the appropriate recovery period using the straight-line method. On Dec. 31, current tax year, the building was sold for $220,000, when the accumulated depreciation was $62,500. Ben is in the highest tax bracket; on his current year tax return, he should report