A Long-Term Capital Gain Results from Profit on the Sale

question 45

True/False

A long-term capital gain results from profit on the sale of capital assets that were held 12 months or more.

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Definitions:

John Jay

An American statesman, Patriot, diplomat, Founding Father, signatory of the Treaty of Paris, and first Chief Justice of the United States.

Constitutional Convention

A formal meeting called for the purpose of creating or revising a constitution.

Slavery

A system in which individuals are owned by others, deprived of personal freedom, and compelled to perform labor or services.

Equality

The condition in which individuals have the same status, rights, and chances in life.