If Net Short-Term Capital Gains Less Net Long-Term Capital Losses

question 54

Multiple Choice

If net short-term capital gains less net long-term capital losses is positive, the net amount is

• A) taxed as ordinary income.
• B) not taxed.
• C) tax deductible.
• D) taxed at a maximum rate of 15%.

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Definitions:

Matrimony

The state of being married, also referred to as the institution of marriage.

Civil Unions

A legally recognized union of a couple, similar to marriage, which provides some but not all the rights and responsibilities of marriage under the law.

Same-sex Couples

Romantic or marital relationships between two individuals of the same gender.

Exchange of Property

The act of giving something of value to someone else in return for another item or service.