In 2015, Grant purchased land for $103,000 for use in his business. He sold it in 2018

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In 2015, Grant purchased land for $103,000 for use in his business. He sold it in 2018 for $114,000. What is 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

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Fundamentals Of Taxation 2019

ISBN: 9781260158670

12th Edition

Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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Question Posted: Jun 03, 2019 05:18 AM

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In 2015, Grant purchased land for $103,000 for use in his business. He sold it in 2018

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Fundamentals Of Taxation 2019

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