Mike,a Dealer in Securities and Calendar-Year Taxpayer,purchased a Security for Inventory

question 31

Multiple Choice

Mike,a dealer in securities and calendar-year taxpayer,purchased a security for inventory on November 18,2013 for $15,000.The FMV on December 31,2013 was $16,000.The security was sold on December 19,2014 for $16,500.These transactions result in

• A)$0 ordinary income in 2013; $1,500 ordinary income in 2014.
• B)$0 ordinary income in 2013; $1,500 LTCG in 2014.
• C)$1,000 ordinary income in 2013; $500 LTCG in 2014.
• D)$1,000 ordinary income in 2013; $500 ordinary income in 2014.

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Definitions:

Humanism

A psychological perspective that emphasizes the individual's inherent drive towards self-actualization and creativity.

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The study of individual differences in characteristic patterns of thinking, feeling, and behavior.

Internal Factors

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Genetic Factors

Elements within an organism's genetic makeup that influence its physical and behavioral characteristics.