Azure Corporation, a C Corporation, Had a Long-Term Capital Gain

question 64

True/False

Azure Corporation, a C corporation, had a long-term capital gain of $50,000 in the current year. The maximum amount of tax applicable to the capital gain is $7,500 ($50,000 × 15%).

---

Definitions:

Futures Contract

A Futures Contract is a legal agreement to buy or sell a particular commodity or financial asset at a predetermined price at a specified time in the future.

Delivery Date

In finance, specifically with futures contracts, it is the date on which the underlying asset must be delivered or received under the terms of the contract.

Bond Market Indexes

Benchmarks that aggregate and measure the performance of bonds and fixed-income securities in a specific market segment or sector.