Which of the following is not true about capital assets?
A) Real property used in a trade or business is not a capital asset.
B) Capital losses may be carried back for 3 years to offset capital gains in those years.
C) For 2016, net long-term capital gains are granted preferential tax treatment.
D) Individual taxpayers may deduct net capital losses of up to $3,000 per year.
E) Shares of stock held for investment are capital assets.
Correct Answer:
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