Answered: Once § 1231 gains are netted against §…

Once § 1231 gains are netted against § 1231 losses, if the gains exceed the losses, the net gain is offset by the “lookback” nonrecaptured § 1231 losses. True False

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 12DQ

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Question

Once § 1231 gains are netted against § 1231 losses, if the gains exceed the losses, the net gain is offset by the “lookback” nonrecaptured § 1231 losses.

True
False

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