Which of the following is not true about capital assets? Group of answer choices A) Real property
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Question:
Which of the following is not true about capital assets?
Group of answer choices
A) Real property used in a trade or business is not a capital asset.
B) Capital losses may be carried back for 3 years to offset capital gains in those years.
C) For 2009, net long-term capital gains are granted preferential tax treatment.
D) Individual taxpayers may deduct net capital losses of up to $3,000 per year.
E) Shares of stock held for investment are capital assets.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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