In the Figure Above, Item 2 Refers to a ____

question 17

Multiple Choice

In the figure above, item 2 refers to a ____.

• A)file
• B)folder
• C)drive
• D)path

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Definitions:

Preferential Rates

Special, often lower, tax rates applied to certain types of income, such as capital gains or dividends, as an incentive or benefit.

Gross Assets

The total value of all assets owned by a company, individual, or entity before subtracting any liabilities.

Section 1202

A section of the Internal Revenue Code providing an exclusion from federal income tax for gains from certain small business stock held for more than 5 years.

Section 1221 Asset

Properties or assets, as defined by the IRS, that are used in a trade or business and are held for more than one year.