principle L 13

principle L 13 - Lesson 13 Cumulative Quiz 1. Federal...

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Lesson 13 Cumulative Quiz 1. Federal income tax is: C. progressive 2. Tax credits are: C. subtracted directly from the tax owed 3. Which of the following may Jones deduct from her taxable income when preparing her income tax statement? C. Interest paid on home mortgage 4. A gain on the sale of an asset held for personal use or as an investment is considered a: C. capital gain 5. Which of the following is considered a capital expenditure? C. Adding a new room to a home 6. Which of the following properties cannot be depreciated? C. Personal residence 7. Which of the following are tax-deductible items for an owner-occupied residential property? B. Mortgage interest payment, prepayment penalties, and real estate taxes 8. Which of the following is not eligible for a tax-free exchange? A. subdivided land held by a developer 9. Smith trades his triplex to Howe for Howe's duplex and $10,000. The cash from Howe is called: C. boot
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principle L 13 - Lesson 13 Cumulative Quiz 1. Federal...

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