Software That Is Run Directly from the Internet as Cloud

question 27

Short Answer

Software that is run directly from the Internet as cloud software is also referred to as _________.
A)External service software
B)Installed software
C)Web-based software
D)Utility software

• A)External service software
• B)Installed software
• C)Web-based software
• D)Utility software

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Definitions:

Long-term Loss

A financial loss realized on the sale or exchange of an asset held for more than one year, affecting capital gains tax calculations.

Adjusted Basis

The original cost of property plus any improvements, or minus depreciation or losses, used to calculate capital gains or losses for tax purposes.

FMV

Fair Market Value, the price at which property would sell between a willing buyer and seller in an arm's length transaction.

Gift Tax

A federal tax on the transfer of property by gift from one individual to another with the donor being primarily responsible for paying the tax.