In: Accounting
T/F questions, don't need explain just need ans, please do all of them.
A realized loss from involuntary conversion will always be recognized.
The basis of gift property is increased by the full amount of gift tax paid by the donor.
Generally speaking, a sale of a personal use asset cannot result in a deductible loss.
The basis of property is increased by capital returns and decreased by capital expenditures.
Not all realized gains and losses are recognized.
The amount realized from a sale includes the amount of liabilities from which the seller is relieved.
A realized loss from involuntary conversion will always be recognized. True
The basis of gift property is increased by the full amount of gift tax paid by the donor. False
Generally speaking, a sale of a personal use asset cannot result in a deductible loss. True
The basis of property is increased by capital returns and decreased by capital expenditures. False
Not all realized gains and losses are recognized. False
The amount realized from a sale includes the amount of liabilities from which the seller is relieved. True