yes it is in taxation federal accounting

1. T F The AMOUNT REALIZED from a sale or other disposition of property is the sum of any money received, the Fair Market Value of all other property received, but not any debt assumed by the buyer. 2. F The ADJUSTED BASIS can be determined by: Initial basis plus Capital Additions minus the Amount Realized 3. F Vicky sells her house (her personal residence) for $300,000. She paid $500,000 for it 10 years ago. Vicky therefore incurs a $200,000 loss on the sale of her house (her personal residence). Vicky can deduct all or part of the loss on her federal individual income tax return PART II - MULTIPLE CHOICE Answer the following questions as what you believe to be the best choice amongst the four alternatives by placing an X to the left of either A, B, C or D. 4. Ellen makes a gift of capital gain property with a cost basis of $450 to Denise when the property had a $600 Fair Market Value at the time of the gift. If Denise later sells the property for $550, he has A a realized loss of $50. B a realized gain of $100. C No gain or loss because gifts are not taxable. D a realized gain of $150