Gains and losses on sale of assets

Reference no: EM1359309

Which of the following statements is true?

I. The entire amount of realized gains and losses from the sale of assets are recognized for tax purposes.

II. If stock sold or exchanged is not specifically identified, the FIFO (first-in, first-out) method of identification must be used.

A. I only

B. II only

C. Both I and II

D. Neither I nor II

Reference no: EM1359309

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