On May 20, 2020, Jessica purchased land for $105,647 to use in a business. Jessica sold it

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On May 20, 2020, Jessica purchased land for $105,647 to use in a business. Jessica sold it on May 21, 2021 for $102,595. What are the amount and type of loss on this sale if Jessica does not have any other sales from a trade or business?

a. $3,052 deferred loss.

b. $3,052 long-term capital loss.

c. $3,052 ordinary loss.

d. $3,052 § 1231 loss.

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Fundamentals Of Taxation 2022

ISBN: 9781264209408

15th

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander

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Question Posted: Apr 19, 2023 04:46 AM

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