Question: Mrs Carly called her accountant with a question She is
Mrs. Carly called her accountant with a question. She is planning to sell nine acres of land for $380,000 cash. She purchased the land eight years ago for $195,000. She asks her accountant if her gain on sale will be a capital gain, and his answer is “It depends.” Can you explain why the accountant could not answer Mrs. Carly’s simple question?
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