(1) Hobby expenses are always deductible to the extent of: A: Adjusted Gross Income B: 2% of...
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Question:
(1) Hobby expenses are always deductible to the extent of:
A: Adjusted Gross Income
B: 2% of Adjusted Gross Income
C: Investment Income
D: Hobby Gross Income
E: Hobby expenses are never deductible
(2) Laura gives publicly traded stock to her daughter, Louise, when the stock's fair market value is $50,000. Laura paid $65,000 for the stock when she bought it 3 years ago. If Louise sells the stock for $64,000 in the current year, her recognized gain or loss will be:
A: $0
B: $1,000 loss
C: $14,000 Gain
D: $64,000 Gain
E: $50,000 Gain
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Posted Date: