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Which of the following is how realized gain or loss is calculated? A. Cost basis less cost recovery. B. Amount realized less adjusted basis. C.

Which of the following is how realized gain or loss is calculated?

A. Cost basis less cost recovery.

B. Amount realized less adjusted basis.

C. Cash less selling costs.

D. None of the choices are correct.

E. Cash less cost recovery.

Gross income includes:

A. all income from whatever source derived unless excluded by law.

B. all realized income.

C. All of the choices are correct.

D. deferred income.

E. excluded income.

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