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(CO F) Which of the following is true of a realized gain?

Group of answer choices a)Realized gains are sometimes recognized.

b)The amount realized is less than the adjusted basis.

c) Realized gains are always recognized.

d)Realized gains are never recognized.

(CO F) Charles Incorporated purchased a machine for $48,000; the seller is holding the note. Charles Incorporated paid $5,000 for improvements to extend the life of the machine. Charles Incorporated has deducted depreciation on the machine for 3 years totaling $9,000. Charles Incorporated still owes $15,000 to the seller. What is Charles Incorporated's adjusted basis in the machine?

Group of answer choices

a) $44,000

b) $53,000

c) $62,000

d) $15,000

CO F) Elizabeth received 100 shares of XYZ Company stock from her uncle James for a graduation present in 2022. James purchased the stock in 2016 at $10 per share. The stock was worth $45 per share when Elizabeth graduated. What is Elizabeth's basis in the stock?

Group of answer choices

a) $1,000

b) $0

c) $3,500

d) $4,500

(CO F) Which is true regarding the sale of a personal residence?

Group of answer choices

a) Taxpayers must have owned and occupied the residence as their principal residence for two of the last five years prior to the sale.

b) Single taxpayers can exclude up to to a maximum of $125,000 of the gain if other requirements are met.

c) Married taxpayers can exclude up to to a maximum of $250,000 of the gain if other requirements are met.

d) Taxpayers must have owned and occupied the residence as their principal residence for two consecutive years prior to the sale.

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