Assuming taxpayer has no other gains or losses for the year

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Reference no: EM131211809

1. Assuming a taxpayer has no other gains or losses for the year, a loss from the theft of a Section 1231 asset is treated as a capital loss.

True

False

2. The exclusion of gain on the sale of a personal residence may be elected only by a taxpayer who has owned three or more residences.

True

False

3. If the proceeds from the sale of property will be collected over a period of more than one year, a taxpayer is required to use the installment method.

True

False

4. A capital asset acquired on October 27, 2002 and sold on April 30, 2014 results in a long term capital gain.

True

False

5. If a taxpayer sells his personal residence and purchases a new residence, realized gain may be recognized.

True

False

Reference no: EM131211809

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