During 2021, Thomas has a net Section 1231 gain of $57,000. In 2020, Thomas reported a net Section 1231 loss of $60,000. What is the character of the 2021 gain?
During 2021, Thomas has a net Section 1231 gain of $57,000. In 2020, Thomas reported a net Section 1231 loss of $60,000. What is the character of the 2021 gain?
Chapter4: Additional Income And The Qualified Business Income Deduction
Section: Chapter Questions
Problem 9MCQ: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in...
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Transcribed Image Text:During 2021, Thomas has a net Section 1231
gain of $57,000. In 2020, Thomas reported a
net Section 1231 loss of $60,000. What is the
character of the 2021 gain?
O $60,000 long-term capital gain
O $60,000 ordinary gain
O $57,000 ordinary gain
O $57,000 long-term capital loss
O $57,000 long-term capital gain
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT