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Question completion Status QUESTION 4 Oscar sells a business truck in 2018 for a gain of $25,000, The truck had been held 3 years and
Question completion Status QUESTION 4 Oscar sells a business truck in 2018 for a gain of $25,000, The truck had been held 3 years and accumulated $5,000 of prior depreciation at the time it was sold. This is the only transaction for this year, and Oscar has not realized any other gains or losses for at least 6 years. As a result Oscar will have a Long Term Capital Gain of $25,000 Ordinary Gain of $25,000 Long Term Capital Gain of $20,000, Ordinary Gain of $5,000 Long Term Capital Gain of $5000, Ordinary Gain of $20,000. None of the above QUESTION 5 In order to take a deduction for an expense under the accrual method: All events fixing the obligation for the expense must've occurred The amount of the expense must be determinable with reasonable accuracy There must have been economic performance of at least one side of the transaction All of the above None of the above QUESTION 6 If a taxpayer decides not to pay a tax deficiency, he or she must go to which court? Appropriate U.S. Circuit Court of Appeals U.S. District Court U.S. Tax Court Save A Click Save and Submit to save and submit. Click Save All Answers to see all answers 2 16
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