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ACC 343, Chapter 16

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Across
1
Inherited property is deemed to have been held _____ _____.
6
Fixed assets used in a business are _____ capital assets.
8
Most capital assets are personal use assets and assets held for _____.
9
A donor transfers appreciated property to the donee by gift. The donee's holding period includes the holding period of the _____.
11
A _____ _____ _____ is the excess of a net long-term capital gain over any net short-term capital loss.
13
For a capital gain to be a long-term capital gain, the taxpayer generally must have held the asset for more than _____ _____.
14
The maximum net capital loss that a married couple may deduct on their joint return is ____ thousand dollars per year.
15
A loss on the sale of a personal use asset is _____ _____
Down
2
The gross profit on the sale of inventory results in _____ _____.
3
A worthless security is deemed to be sold for zero on the ___ ____ of the tax year in which it became worthless.
4
The maximum income tax rate on most net capital gains is _____ percent plus possibly the net investment income tax.
5
A gain on the sale of qualified small business stock acquired after September 27, 2010, is taxed at a rate of _____ percent
7
The maximum tax rate on a net capital gain from collectibles is _____ _____ percent.
10
A single individual may deduct a maximum loss of ____ thousand dollars per year on the sale of Section 1244 stock.
12
Depreciation recapture on real estate that is taxed as a long-term capital gain is taxed at a maximum rate of _____ ____ for individuals.