Which of the Following Individuals Is Most Likely to Face

question 73

Multiple Choice

Which of the following individuals is most likely to face difficulty forming an ethnic identity?

• A)7-year-old Tara, whose family recently relocated to a navy base in England from the United States
• B)11-year-old Juan, whose family recently moved from Mexico to a primarily Hispanic neighborhood in California
• C)13-year-old Stefani, whose family is of Haitian descent but is currently living in a primarily white neighborhood in Rhode Island
• D)15-year-old Kevin, whose family recently moved from Boston to Seattle

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Definitions:

Single Category Average Cost Method

A method for calculating the cost basis of mutual funds, ETFs, or stocks for tax purposes, where all shares are considered to have the same average cost.

Long-term Loss

A loss realized on the sale or exchange of a capital asset held for more than one year.

Gift Tax

A tax on the transfer of assets or money from one person to another without receiving something of equal value in return, in excess of annual and lifetime exemptions.

Section 1231

A tax provision that allows for the preferential tax treatment of gains and losses on the sale or exchange of business property and assets held for more than one year.