Although You May Not Have Been Swimming in Years, You

question 152

Multiple Choice

Although you may not have been swimming in years, you probably can swim well in an emergency because of

• A)retrograde recall.
• B)organization and reorganization.
• C)memory cues.
• D)overlearning.

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Definitions:

Capital Loss

The loss incurred when a capital asset, like stocks or real estate, is sold for less than its purchase price.

Taxpayer

A taxpayer is an individual or entity that is obligated to pay taxes to a federal, state, or local government body.

FMV

Fair Market Value, the price that a property or asset would sell for on the open market between a willing buyer and a willing seller.

Basis

The financial value assigned to an asset for tax purposes, used to determine the gain or loss upon its sale or other disposition.