Chapter 12Ch. 12: Question 30a. Yes- It’s a personal use assetb. Yes- It’s a personal use itemc. No- “5. Accounts or notes receivable acquired in the ordinary course of a trade orbusiness for services redeemed or from the sale of property” Pg 12-4 (CapitalAsset Definition)d. Yes- It’s an investment propertye. No- “2. Depreciable property used in a trade or business” Pg 12-4 (Capital AssetDefinition)f. No- “2. Depreciable property used in a trade or business” Pg 12-4 (Capital AssetDefinition)g. No- It’s not the principal residenceh. Yes- If it’s not written by the taxpayerCh. 12: Question 39Gordon’s capital loss deduction for 2017 is $1,500 and his carryover is $7,200. This canbe computed as follows:$700Net STCG ($1,900 - 1,000 - 200)
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Accounting, Business, capital loss deduction, depreciable property, Net LTCL, Business causality gain