John sells his uncle Bob land held for investment for $10,000 that he had purchased 3 years ago for $12,000.John is precluded from taking the $2,000 loss under the arm’s-length transaction concept since this is a related party transaction.()

Philip has been working in Spain for the last three years.He and his wife Barbara adopted Juan who will not qualify as a dependent since he is not a U.S citizen.() 点击查看答案&解析

Phyllis purchased an automobile for $3,000 down and a note for $15,000.During the year she paid interest of $1,000.Her basis is $18,000.() 点击查看答案&解析