Janet Maple sold her apple orchard in 2022 for $80,000. Her adjusted basis at the time of sale was $60,000. She bought the orchard in 2015, but the trees did not produce a crop until 2018. Her pre-productive expenses were $6,000. She elected not to use the uniform capitalization rules. Janet must treat what amount of the gain as ordinary income?

Answer rating: 100% (QA)

To calculate the amount of gain Janet must treat as ordinary income we need to consider ... View the full answer