Steven established a sole proprietorship in 2008. He sold 1231 assets at a loss in 2011

Question:

Steven established a sole proprietorship in 2008. He sold § 1231 assets at a loss in 2011 and 2012. He had only sold § 1231 assets at a gain before 2011. In 2013, 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?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

South Western Federal Taxation 2014 Comprehensive Volume

ISBN: 9781285180922

37th Edition

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

Question Posted: