Question

QUESTION 10 Roberto fully supports his parents who are citizens and residents of Mexico and have no gross income. Roberto can claim his parents as dependents for the dependent credit. True False QUESTION 11 In March this year, Vince sold his personal automobile for $5,000 His basis for the automobile was $12,000. He may not deduct a $3,000 capital loss this year and carry over a $4.000 loss True False QUESTION 12 In terms of the deductibility of capital losses, corporate taxpayers are subject to the same rules applicable to individual taxpayers True False

Answer 1

10. False ( Must be a US Citizen to claim as dependent).

11. False

12. False ( The taxation rates are different)