Dealing with properties 2

Dealing with properties 2

Professional Development

15 Qs

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Dealing with properties 2

Dealing with properties 2

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Hard

Created by

Mickel Borigas

Used 9+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For questions 1- 5,Classify the following as ordinary or capital assets:


  1. Real property held for sale in the ordinary course of trade or business by a real estate company

ordinary assets

capital assets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2.) Interest in partnership and joint venture

ordinary assets

capital assets

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3.) Real property held as investment by a real estate company

Ordinary assets

capital assets

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4.) Stock and securities held by taxpayers as investment

ordinary assets

capital assets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5.Parking space for lease

ordinary assets

capital assets

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of capital gains and losses will depend on the length of time the asset was held by the individual taxpayer , if that is more than 12 months 100 % recognition shall apply.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7.If an individual taxpayer sustains in any taxable year a net capital loss such loss shall be treated in the succeeding year as a short term capital loss. Meaning, it can be deducted against net capital loss in the year immediately following the year when a net capital loss was incurred.

True

False

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