What Is Tunguska

question 25

Multiple Choice

What is Tunguska?

• A)a postulated binary companion to the Sun thought to be responsible for mass extinctions
• B)a long period comet that struck Jupiter in 1994
• C)a newly discovered moon of Pluto
• D)the site of an asteroid impact that occurred in Siberia in 1908
• E)the Gulf of Mexico basin that is the crater of the asteroid impact that caused the mass extinction of the dinosaurs 65 million years ago

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Definitions:

Inherited Property

Property one receives from a deceased person's estate, subject to specific tax rules and basis determinations.

Inventory

Goods and materials a business holds for the ultimate goal of resale or production.

Section 1231

This is a section of the U.S. Internal Revenue Code that provides favorable tax treatment for gains and losses on the sale or exchange of certain types of property used in a trade or business.

Capital Losses

Capital losses occur when the sale of a capital asset, such as stocks or real estate, results in a loss, which can offset capital gains for tax purposes.