You Own an Oil Painting That Increases in Value by $12,000

question 208

Multiple Choice

You own an oil painting that increases in value by $12,000 but you do not sell the painting. The $12,000 is counted as ________ income.

• A) part of economic income but not part of taxable
• B) both economic and taxable
• C) taxable income but not economic
• D) neither taxable nor economic

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Definitions:

Situational Type Phobia

A type of anxiety disorder characterized by an irrational fear of specific situations, such as public speaking or flying.

Social Anxiety Disorder

A chronic mental health condition characterized by an intense, persistent fear of being watched and judged by others.

Natural Environment Type Phobia

An intense, irrational fear of specific situations, activities, or things in the natural environment, such as heights, water, or insects.

Animal-type Phobia

Intense, irrational fear of specific animals that leads to significant distress or avoidance behavior, such as fear of spiders (arachnophobia) or snakes (ophidiophobia).