Which of the following is not considered a capital asset? _____ Stocks and bonds Inventory or property held for sale to customers Investment property Personal use property

Inventory or property held for sale to customers

Which items have special long-term capital gain rates? _____ Collectibles and some small business stock held more than a year Personal use property Stocks and bonds Investment property

Collectibles and some small business stock held more than a year

Tax Accounting for Capital Assets: Holding Period Rules and Special Rate Provisions

Flashcard

Learn Mode

Match

Library

Create

Flashcards

Library

Match (Coming Soon)

Finance - Personal Finance

jake12testoswi Created by 10 mon ago

Cards in this deck(19)

Ordinary income and deductions are normally included in your tax return in the year they're _____.

Which of the following is not considered a capital asset? _____

The character of assets as capital or ordinary is determined by their _____ to the taxpayer.

Property must be held for more than _____ to qualify for lower long-term capital gain rates.

The holding period for property begins the day after acquisition and includes the day of the sale. Exceptions include gifts and nontaxable exchanges where the holding period is _____ on.

Short-term capital gains for individuals are taxed at _____ income tax rates.

Long-term capital gains for individuals are taxed at _____ rates than ordinary income.

Collectibles and some small business stock held for more than a year are taxed at ordinary rates up to a maximum of _____%.

Which items have special long-term capital gain rates? _____

Any depreciation on real property used in business is taxed at ordinary rates up to a maximum of _____%.

List the order that capital gains and losses are netted: organize into categories, net within each, and then net remaining gains and losses starting with the _____ taxed gains first.

What are the tax rates for long-term capital gains? _____%, 15%, and 20%.

After the netting process, any remaining capital gains are included in the taxpayer's _____ income.

After the netting process, how much of net losses are deducted for individuals? Up to _____ dollars.

Do losses carry forward? Yes, short-term losses carry forward as short-term, and long-term losses carry forward as _____.

How long do losses carry forward for individuals? They carry forward _____.

Corporate capital gains are taxed as ordinary income regardless of holding period. (True/False) _____

Corporate capital losses are deducted against ordinary income. (True/False) _____

After the netting process, corporations can carry capital losses backwards for 3 years and forwards for up to _____ years.

Ask Our AI Tutor

Get Instant Help with Your Questions

Need help understanding a concept or solving a problem? Type your question below, and our AI tutor will provide a personalized answer in real-time!

How it works

Ask any academic question, and our AI tutor will respond instantly with explanations, solutions, or examples.

Get Started

Browse questions and discover topic-based flashcards
Practice with engaging flashcards designed for each subject
Strengthen memory with concise, effective learning tools

Discover By Topic

Tax Accounting for Capital Assets: Holding Period Rules and Special Rate Provisions

Related Decks