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NEW QUESTION: 1
Hall, a divorced person and custodian of her 12-year old child, filed her 1990 federal income tax return as head of a household. She submitted the following information to the CPA who prepared her
1990 return:
* In 1990, Hall sold an antique that she bought in 1980 to display in her home. Hall paid $800 for the antique and sold it for $1,400, using the proceeds to pay a court ordered judgment.
The $600 gain that Hall realized on the sale of the antique should be treated as:
A. Long-term capital gain.
B. An involuntary conversion.
C. A nontaxable antiquities transaction.
D. Ordinary income.
Answer: A
Explanation:
Explanation
Choice "b" is correct. The gain should be treated as a long-term capital gain because the property was held for more than one year and was sold for more than it cost.
Choice "a" is incorrect. Because Hall was not in the business of selling antiques, the profit from the sale will be treated as a gain from the disposition of a capital asset, not ordinary income.
Choice "c" is incorrect. This transaction does not qualify as an involuntary conversion. In order to be treated as an involuntary conversion, the transaction must result from a condemnation of property or a destruction or loss from theft or casualty.
Choice "d" is incorrect. An obvious distracter.

NEW QUESTION: 2
Match each Microsoft cloud service to the feature it provides.
To answer, drag the appropriate Microsoft cloud service from the column of the left to its feature on the right.
Each service may be used once, more than once, or not at all. Each correct match is worth one point.
NOTE: Each correct selection is worth one point.

Answer:
Explanation:

NEW QUESTION: 3
In which type of project stock G/L account determination for project stock is controlled differently from collective stock using specific valuation classes for sales order stock and project stock in the material master?
There are 2 correct answers to this question.
Response:
A. Purchase order stock
B. Sales order stock
C. Valuated project stock
D. Non-valuate project stock
Answer: B,C