GROUP 1: MULTIPLE CHOICE QUESTIONS -1. All of the following assets are capital a
ID: 2784737 • Letter: G
Question
GROUP 1: MULTIPLE CHOICE QUESTIONS -1. All of the following assets are capital assets, except a. A personal automobile b. IBM stock O 8.1 c. A child's bicycle d. Personal furniture e. Used car inventory held by a car dealer -2. Which of the following is a capital asset? a. Account receivable b. Copyright created by the taxpayer c. Copyright (held by the writer) d. Business inventory e. A taxpayer's residence LO 8.1 10 8.2 3. Yasmeen purchases stock on January 30, 2015. If she wishes to achieve a long-term to sell the stock. holding period, she will have to wait until at least a. January 20, 2016 b. January 31, 2016 c. February 1, 2016 d. July 31, 2015 e. July 30, 2015 LO 8.3 4. Vijay sells land and receives $5,000 cash, a motorcycle worth $2,000, two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200, and the buyer assumes the mortgage on the land of $12,000. What is Vijay's amount received in this transaction? a. $5,000 b. $7,800 c. $8,200 d. $19,800 e. 8.3 --5. Bob sells a stock investment for $35,000 cash, and the purchaser assumes Bob's 32,500 debt on the investment. The basis of Bob's stock investment is $55,000. What is the gain or loss realized on the sale? a. $10,000 loss b. $10,000 gain c. $12,500 gain d. $22,500 loss e. $22,500 gain 08.4 6. In 2016, the top tax rates arepercent on individual long-term capital gains on sale of stock, and percent on capital gains on sales of collectible items, assuming the ACA Medicare surtax does not apply a. 10; 20 b. 15; 25 c. 20 28 d. 25; 28Explanation / Answer
12500[35000-(55000-32500)]
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e Car inventory e Residence b 31-Jan-16 e 20200(5000 + 2000 + 1200+12000) c12500[35000-(55000-32500)]
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