100%(10)10 out of 10 people found this document helpful
This preview shows page 9 - 11 out of 24 pages.
d. Net capital gain is defined as:90. the excess of the taxpayer’s net long-term capital gains over its net short-term capital losses.a. the excess of the taxpayer’s net short-term capital gains over its net long-term capital losses.b. the excess of the taxpayer’s net long-term capital gains over its net long-term capital losses.c. none of the above.d. Long-term capital gain can be generated from:Which of the following is not a capital asset as defined by the Code?92. Inventory held primarily for resale in the ordinary course of business.93. The tax laws require that net Section 1231 gain be recaptured as ____________ to the extent that the taxpayer has nonrecaptured Section 1231 losses from the previous ____________ tax years.Ordinary income, five.e. When an individual sells collectibles held long-term, any gain is taxed at a maximum tax rate of:94. 5 percent.a. 10 percent.b. 15 percent.c. 20 percent.d. 28 percent.e. During 2010, Randy Rooney recognizes a $13,000 short-term capital loss, an $8,000 long-term capital loss and a 95. $9,000 short-term capital gain. What is the amount and nature of Randy’s capital loss carryover to 2011?$4,000 short-term, $8,000 long-term.