Think about whether each of the following items would produce income, gain, or loss that...
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Think about whether each of the following items would produce income, gain, or loss that is capital or ordinary. Also, think about what tax rate would apply to any income or gain. (For any income or gain taxed at capital gain rates, assume the taxpayer's ordinary income tax rate would exceed the relevant capital gain rate.) True or False? Salary income included by a taxpayer under 61. Question 6 (1 point) The income is ordinary. True False Question 7 (1 point) Ordinary income tax rates would apply to the salary income. True False
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