Nell Sells a Passive Activity with an Adjusted Basis of $45,000

question 1

Multiple Choice

Nell sells a passive activity with an adjusted basis of $45,000 for $105,000.Suspended losses attributable to this property total $45,000.The total gain and the taxable gain are:

• A)$60,000 total gain; $105,000 taxable gain.
• B)$10,000 total gain; $15,000 taxable gain.
• C)$60,000 total gain; $0 taxable gain.
• D)$60,000 total gain; $15,000 taxable gain.
• E)None of these.

---

Definitions:

Androgyny

Exhibiting characteristics or qualities that are both masculine and feminine, or neither specifically masculine nor feminine.

Gender Identity

Refers to an individual's personal sense of their gender, which may or may not correspond to the sex assigned at birth.

Gender Typing

The method through which a child recognizes their own gender identity and subsequently aligns their behavior, adopting the values and characteristics typical of the gender they associate with.

Secondary Sex Characteristics

Physical features that distinguish the sexes of a species, emerging at puberty but not directly involved in reproduction, such as facial hair in males or breasts in females.