On May 20, 2020, Jessica purchased land for $105,647 to use in a business. Jessica sold it
Question:
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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Related Book For
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
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