True / False 1. A married couple can exclude up to 600,000 of the gain from the sale of their main home, provided certain conditions are met. 2. A computer used exclusively in a sole proprietor's business is a capital asset. 3. An individual who does not operate a business cannot have a net operating loss. 4. When the buyer assumes the seller's liability, the seller includes this amount in computing the amount realized from the sale. 5. The maximum work opportunity credit (WOTC) for hiring a qualified ex-felon who works 300 hours for the employer during their first year of employment is $1,500. 6. The tax laws treat capital gains and losses differently from ordinary gains and losses. 7. Exchanging an automobile used for business for machinery used for business qualifies as a like-kind exchange. 8. If at the time of the gift the donor's adjusted basis in the property exceeds the fair market value of the property, then the donee's basis in the property cannot be determined until the donee disposes of the property. 9. To qualify as section 1231 property, the property must be used in a taxpayer's trade or business and must be held for more than one year. 10. The maximum work opportunity tax credit (WOTC) for hiring veterans with a service-related disability (wounded warrior) is four times the amount of the maximum credit available to employers that hire veteran receiving food stamps