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1.
Interest you earned from bank accounts or other savings institutions is reported to you on IRS Form 1099-INT.
Choose wisely. There is only one correct answer.
True. "INT" refers to interest.
2.
If your investment company reports undistributed capital gains, you will receive IRS form 4952.
Choose wisely. There is only one correct answer.
False. If your investment company reports undistributed capital gains, you will receive form 2439.
3.
The amount of taxable gain or loss on an asset is the difference between the amount you sell it for and its basis.
Choose wisely. There is only one correct answer.
True. The amount of taxable gain or loss on an asset is the difference between the amount you sell it for and its basis.
4.
IRS Publication 590 covers _______.
Choose wisely. There is only one correct answer.
Individual retirement accounts. Publication 590 is your guide for IRA tax issues. It is divided into two versions -- 590a and 590b.
5.
If you experienced capital gains or losses, you should use Schedule D to report them at tax time.
Choose wisely. There is only one correct answer.
True. IRS Schedule D is used for this purpose.