
Dealing with properties 2
Authored by Mickel Borigas
Professional Development
Professional Development
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For questions 1- 5,Classify the following as ordinary or capital assets:
- 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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