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1/ Sam buys Sally a gold ring as a gift. Sally sells the ring the next day. The ring is automatically considered long term because it is a gift.
Group of answer choices
True
False
2/ Trusts are qualifying taxpayers for the purpose of taking a code section 179 deduction.
Group of answer choices
True
False
3/ IRC 1231 gains are treated as capital gains.
Group of answer choices
True
False
4/ All income from whatever source derived is taxable, unless tax laws state otherwise for specific items of income.
Group of answer choices
True
False
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