Which of the Following Propositions Is Not True of Capital

question 34

Multiple Choice

Which of the following propositions is not true of capital gains tax?

• A)It is not payable on the sale of a primary place of residence.
• B)It is not payable on the sale of a motor vehicle.
• C)It is not payable by corporations.
• D)It is payable at the same rate as income tax.

---

Definitions:

Adjustments Columns

Columns in accounting journals or ledgers used to make corrections or modifications to financial entries for accurate reporting.

Total Credits

The aggregate amount of credit entries made in an account or a financial statement.

Total Debits

The sum total of all debit entries made in a company's accounting ledger during a specific period.

Net Income

The total earnings of a company after all expenses and taxes have been deducted from revenue.