Martha and Janice Both Live in Vancouver

question 19

Multiple Choice

Martha and Janice both live in Vancouver.Martha lives in False Creek and Janice lives in the West End.In which of the following scenarios would they be most likely to consider themselves in the same group?

• A) They both play softball and their teams are playing in a local tournament.
• B) They both raise funds for the same charity.
• C) They both shop at Safeway,the grocery store chain in their neighbourhood.
• D) They both use Vancouver transit.

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Definitions:

Personal Residence

A property where an individual lives for most of the time and considers it their primary place of residence.

Recognized Gain

The portion of profit or loss from the sale of an asset that must be reported on a taxpayer's income tax.

Sales Commission

A portion of the sale price of goods or services paid to the salesperson as a reward for making the sale.

Wash Sale Rules

IRS regulations that disallow the claim of a capital loss for tax purposes if a substantially identical security is purchased within 30 days before or after the sale.