On May 20,2018, Jessica purchased land for $105,647 to use in her business. She sold it on
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On May 20,2018, Jessica purchased land for $105,647 to use in her business. She sold it on May 21, 2019 for $102,595. What is 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 2020 Edition
ISBN: 9781260483147
13th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
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