A Loss on the Sale of an Asset Which Is

question 27

Multiple Choice

A loss on the sale of an asset which is depreciable and used in business is___________ sale of a non-depreciable asset is___________.

• A) deductible from ordinary income; deductible only against capital gains
• B) deductible from capital gains income; deductible from ordinary income
• C) a credit against the tax liability; not deductible
• D) not deductible; deductible only against capital gains

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Definitions:

Defamation

The act of making false statements about someone that cause harm to their reputation.

Forgery

The act of falsely making or materially altering a document with the intent to defraud.

Brandishing

The act of showing or waving, often a weapon, in a threatening or aggressive manner.

Assault

An act that threatens physical harm to a person, whether or not actual harm is inflicted.