Steven established a sole proprietorship in 2012. He sold 1231 assets at a loss in 2016

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Steven established a sole proprietorship in 2012. He sold § 1231 assets at a loss in 2016 and 2017. He had only sold § 1231 assets at a gain before 2016. In 2018, he could sell a § 1231 asset at a gain and would like to have the gain taxed as a long-term capital gain. What issue is Steven facing?

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Related Book For  answer-question

South-Western Federal Taxation 2019 Comprehensive

ISBN: 9781337703017

42th Edition

Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young

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