Reference no: EM13922464
1.) A tax payer reports capital gains and losses on?
a.) Form 8949
b.) Schedule D of Form 1040
c.)Schedule D of Form 1040 and Form 8949
d.) None of the above
2.)Sanjay is single and has taxable income of $13,000 without considering the sale of capital asset in November of 2015 for $15,000. The asset was purchased six years earlier and has a tax basis of $5,000. The tax liability applicable to only the capital gain is?
a.) $1,500
b.) $1,000
c.)$0
d.) $500
3.) The taxable portion of a gain from qualified small business stock is taxed at a top tax rate of?
a.) 15%
b.) 28%
c.) 18%
d.) 20%
4.) Ranapurchases a 5%, $100,000 corporate bond at issuance on January 1, 2105 for $91,500. the bond matures in five years. In 2015 Rana will recognize interest income of?
a.) an amount less than $5,000 (but more than $0)
b.) an amount greater than $5,000
c.) $5,000
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