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  1. business
  2. accounting
  3. indicate whether the sentence or statement is true

indicate whether the sentence or statement is true (a) or false (b). Each question is...

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Accounting

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indicate whether the sentence or statement is true (a) or false (b). Each question is worth 2 points. 1. The Code section that defines "capital asset" includes Sec. 1231 assets as a capital asset. 2. The foreign tax credit is decreased generally if foreign source deductions are decreased. 3. AMT liability can only arise when regular taxable income is 0 or less. 4. Realized gain or loss is measured by the difference between the amount realized from the sale or other disposition of property and the property's adjusted tax basis at the date of disposition. 5. In a nontaxable exchange, the replacement property is assigned a carryover basis if there is a realized gain, out receives a new basis if there is a realized loss. - with an adimsted basis of $40 000 for $32.000 The

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