An Individual Taxpayer Received a Valuable Painting from His Uncle

question 23

True/False

An individual taxpayer received a valuable painting from his uncle, a famous artist who painted it.After the taxpayer held the painting for two years, he sold it for a $400,000 gain.The gain is a long-term capital gain.

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Definitions:

Repetitive Behaviors

Actions performed over and over again, which can be a characteristic of certain psychological conditions, such as OCD.

Obsessive Thoughts

Intrusive, unwanted thoughts that often cause distress or anxiety and may lead to compulsive behaviors in an attempt to alleviate the distress.

Obsessive-Compulsive Disorder (OCD)

A mental disorder where individuals experience repetitive, unwanted thoughts (obsessions) and behaviors (compulsions) they feel compelled to perform.

DSM-5

The Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition, a classification and diagnostic tool for mental disorders used by mental health professionals.