Under the Investment Companies Act of 1940, an Investment company may take all of the following forms EXCEPT?

An open-end investment company

A limited partnership with partners as passive investors

A Unit investment Trust

A closed-end investment company

When a security position is liquidated for a gain, Cost Basis?

Is taxed as ordinary income

Is taxed as capital gain

Represents a return of capital invested

Represents the difference between capital invested and sales proceeds