Short-term capital gain is eligible for a special tax rate only when it exceeds long-term capital gain.
Answer the following statement true (T) or false (F)
False
Rationale: Short-term capital gain may offset short-term capital losses, and any remaining short-term capital gain may offset any net long-term capital loss, but net short-term capital gain is treated as ordinary income and is not eligible for any special tax rate.
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Sharon owes Lawrence Co $15,000 on a note payable, plus $3,000 of unpaid interest. Lawrence agrees to accept equipment in full settlement of the debt. The equipment is recorded on Sharon's books at $12,000, and it is currently worth $14,200. What types and amounts of gains or losses, if any, should be recorded by Sharon on this troubled debt restructuring?
A) ?No gain or loss should be recognized. B) ?Gain on Debt Restructure, $6000 C) ?Gain on Debt Restructure, $3,800; Gain on Disposal of Equipment, $2,200 D) ?$6,000 Gain on Debt Restructure, $800; Gain on Disposal of Equipment, $2,200
A legitimate merit test is a valid defense to a Title VII discrimination claim
Indicate whether the statement is true or false
What is a common method used to increase capacity with a lag strategy?
A) overtime B) subcontracting C) new facilities D) new machinery E) A and B
The world's largest manufacturer of peppermint candy canes was located in Albany, Georgia, until it could no longer afford to buy the sugar needed for its operation. It moved its manufacturing business to Mexico where there are no restrictions (like those that existed in the United States) on the amount of sugar that can be brought into the nation. The business moved to Mexico because of a(n) ________ established by the U.S. government.
A. subsidy B. quota C. tariff D. trade imbalance E. excise tax