Explain the difference between the amount realized

Question

1.The credit for child and dependentcare expenses is an example of a refundable credit.

• True
• False

2. Currently, any unused generalbusiness credit must be carried back 3 years, and then forward 15years.

• True
• False

3. A FIFO method is applied to general business credit carryovers, carrybacks, and utilization of credit searned during a particular year.

• True
• False

4. Qualified rehabilitation expendituresinclude the cost of acquiring the building, but not the cost of acquiring the land.

• True
• False

5. Realized gain or loss is measured by the difference between the amount realized from the sale or otherdisposition of property and the property's adjusted basis atthe date of disposition.

• True
• False

6. In computing the amount realized, ifthe fair market value of the property received cannot bedetermined, the fair market value of the property surrendered maybe used.

• True
• False