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QUESTION 42 In the current year, George sold P stock, which he had held for...

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Accounting

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QUESTION 42 In the current year, George sold P stock, which he had held for 10 months, at a $6.000 gain. He also sold city of Houston bonds. which he had held for 5 years, at a $4.000 loss. What is the net gain to be reported on his tax return as a result of these capital asset transactions? $6.000 $3.000 $0 QUESTION 43 Which of the following statements is true regarding depreciation and amortization? O Goodwill cannot be amortized for tax purposes. O Property used in a trade or business may not be depreciated if it has been used previously for personal purposes. O Salvage value is not considered for any of the depreciation methods allowed under MACRS. Under MACRS, the straight-line method of depreciation is not allowed for personal property QUESTION 44 The amount realized on the sale of property is reduced by any related selling costs

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