Question 1

If land were an investment held in a trade or business,the gain or loss would be reported on Schedule D.

Accepted Answer

A) True 
 B)False

Question 2

Keisha sold 200 shares of Chic-Chic stock in 2017 for $22,500 and received a 1099-B to record the sale of the shares.Keisha's investment portfolio includes the following purchases of Chic-Chic's stock: $\begin{array}{rr}
2008 & 100 \text { shares at } \$ 100 \text { per share } \
2009 & 50 \text { shares at } \$ 110 \text { per share } \
2010 & 125 \text { shares at } \$ 130 \text { per share } \
2013 & 75 \text { shares at } \$ 125 \text { per share }
\end{array}$ Assuming Keisha does not identify which shares she sold,she will recognize

Accepted Answer

A) no gain or loss. 
B) $500 gain. 
C) $1,000 loss. 
D) $3,125 loss. 
A) no gain or loss. 
B) $500 gain. 
C) $1,000 loss. 
D) $3,125 loss.

Question 3

Real property held for investment is a capital asset.

Accepted Answer

A) True 
 B)False

Question 4

A taxpayer has 6 separate capital gain transactions.Four of them are long-term and two are short-term transactions.Two of the long-term transactions have box 3 from Form 1099-B checked,one does not have box 3 from Form 1099-B checked,and there was no 1099-B received for one of the long-term transactions.One short-term transaction has box 3 from a 1099-B checked and the other transaction does not have box 3 from a 1099-B checked.How many Form 8949 must the taxpayer complete?

Accepted Answer

A) 1) 
B) 2) 
C) 3) 
D) 4) 
A) 1) 
B) 2) 
C) 3) 
D) 4)

Question 5

The 25% bracket is a special rate that relates to capital gains from Section 1250 property used in a trade or business.

Accepted Answer

A) True 
 B)False

If land were an investment held in a trade or business,the gain or loss would be reported on Schedule D.

Real property held for investment is a capital asset.

The 25% bracket is a special rate that relates to capital gains from Section 1250 property used in a trade or business.

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Adjustments for Adjusted Gross Income

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Payroll Taxes

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

Filters

Exam 7: Capital Gains and Other Sales of Property Schedule D and Form 4797

If land were an investment held in a trade or business,the gain or loss would be reported on Schedule D.

Real property held for investment is a capital asset.

The 25% bracket is a special rate that relates to capital gains from Section 1250 property used in a trade or business.

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Adjustments for Adjusted Gross Income

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Payroll Taxes

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

Filters