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Which of the following is a capital asset?
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please see attached file which is my questions which have to be answer.

Which of the following is a capital asset? A literary work held by the author Real estate held by a developer A taxpayer's personal automobile A truck used in a taxpayer's business None are correct. Perry acquired raw land as an investment 15 years ago. The land cost $60,000. In the current tax year, the land is sold for a total sales price of $120,000, consisting of $10,000 cash and the buyer's note for $110,000. If Perry elects to recognize the entire gain in the year of sale, what is his recognized gain in the current tax year? $50,000 $60,000 $100,000 $110,000 None are correct. On August 8, current tax year, Sam, age 62, sold for $210,000 his principal residence which had an adjusted basis of $60,000. On November 1, current tax year, he purchased a new residence for $80,000. For the current tax year, Sam should recognize a gain on the sale of his residence of: $0 $25,000 $50,000 $130,000 None are correct. Terry has a casualty gain of $1,000 and a casualty loss of $5,000, before the $100 floor and before the adjusted gross income limitation. The gain and loss were the result of two separate casualties occurring during the current tax year and both properties were personal-use assets. If Terry itemizes deductions on her current tax year return, and has adjusted gross income of $25,000, what is Terry's gain or loss (deduction) as a result of these casualties? $4,900 itemized deduction, $1,000 capital gain $3,900 itemized deduction $1,400 itemized deduction, $1,000 capital gain
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$2,400 itemized deduction None are correct. The exclusion of gain on the sale of a personal residence may be elected only by a taxpayer who has owned three or more residences. True False The exchange of shares of stock does not qualify for like-kind exchange treatment. True False The amount of ordinary income recognized on the sale of a Section 1245 asset is limited to the total gain realized on the sale. True False If insurance proceeds exceed the taxpayer's basis in property destroyed by fire, the taxpayer may be required to recognize a gain. True False If the proceeds from the sale of property will be collected over a period of more than one year, a taxpayer is required to use the installment method. True False The condemnation of property is not an involuntary conversion, since it is done pursuant to a government decree. True False If property is received from a decedent, the taxpayer who receives the property has the same basis in the property as the decedent. True False
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Subject: Accounting, Business

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