In 2018 Grant purchased land for $103,000 for use in a business. Grant sold it in 2021
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In 2018 Grant purchased land for $103,000 for use in a business. Grant sold it in 2021 for $114,000. What are the amount and type of gain on this sale, before netting of any other gains and/or losses?
a. $11,000 §1231 gain.
b. $11,000 ordinary income.
c. $11,000 short-term capital gain.
d. $11,000 long-term capital gain.
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Related Book For 
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
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