In 2014, Grant purchased land for $103,000 for use in his business. He sold it in 2017
Question:
In 2014, Grant purchased land for $103,000 for use in his business. He sold it in 2017 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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamentals Of Taxation 2018
ISBN: 9781259713736
11th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
Question Posted: