25 May Question 1. The holding period of property given up in a like-kind exc
Question
1. The holding period of property given up in a like-kind exchange includes the holding period of the asset received if the property that has been exchanged is a capital asset.
a. True
b. False
2. Tom has owned 40 shares of Orange Corporation stock for five years. He sells the stock short for a total of $1,100. One month later, he closes the short sale by purchasing and delivering 40 shares of Orange Corporation stock for a total of $600. Tom has a $500 short-term capital gain.
a. True
b. False
3. Short-term capital losses are netted against long-term capital gains and long-term capital losses are netted against short-term capital gains.
a. True
b. False
4. Short-term capital gain is eligible for a special tax rate only when it exceeds long-term capital gain.
a. True
b. False
5. A net short-term capital loss first offsets any 28% net long-term capital gain before it offsets either 25% net long- term capital gain or 0%/15%/20% net long-term capital gain.
a. True
b. False
6. All collectibles short-term gain is subject to a potential alternative tax rate of 28%.
a. True
b. False
7. An individual taxpayer with 2014 net short-term capital loss of $5,000 generally can deduct up to $3,000 for AGI and carry the balance forward to 2015.
a. True
b. False
8. Section 1231 applies to the sale or exchange of business properties, but notto personal use activity casualties.
a. True
b. False
9. Rental use depreciable machinery held more than 12 months is an example of a § 1231 asset.
a. True
b. False
10.If there is a net § 1231 loss, it is treated as an ordinary loss.
a. True
b. False
11.Section 1231 property includes nonpersonal use property where casualty gains exceed casualty losses for the taxable year.
a. True
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