Question: Select the statement that best describes tax planning using the character variable? Multiple choice question. Provisions in the Internal Revenue Code are designed to limit

Select the statement that best describes tax planning using the character variable?
Multiple choice question.
Provisions in the Internal Revenue Code are designed to limit the "artificial" conversion of ordinary income to capital gains.
Congress has not been successful in passing legislation designed to protect the distinction between capital gains and ordinary income.
A typical example of using the character variable would involve converting capital gains to ordinary income to secure a preferential rate.

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