The gain or loss on an asset purchased on March 31, 2017, and sold on March 31, 2018, is classified as short-term.
Answer the following statement true (T) or false (F)
True
To qualify as long-term, the asset must be held more than one year.
You might also like to view...
Which of the following is not a way to encourage and foster innovation?
A. creating an innovation strategy B. supporting innovation with investments of time and money C. withholding raises and promotions when innovation attempts don't work out D. getting commitment from top managers E. obtaining the necessary human resources
Magnum Corporation had 60,000 of its $3 par common stock issued before its recent 3-for-1 stock split. The market price of the stock was $30 per share before the split. Which of the following is true as a result of the split?
A) There were 20,000 shares of common stock issued after the split. B) The balance in the common stock account increased to $180,000. C) The market price of the stock was not affected. D) The par value of the stock decreased to $1 per share.
___________are natural talents to do something mental or physical.
a. Skills b. Abilities c. Personality d. Values
In a Sec. 332 liquidation, what bases do both the parent and minority shareholders take in the assets received?
What will be an ideal response?