Question: 1. Distinguish between income from property and gains or losses that may occur from sale of property. 2. The sale of warehouse building used by

1. Distinguish between income from property and gains or losses that may occur from sale of property. 2. The sale of warehouse building used by taxpayer to operate a business can result in capital gain but not a capital loss. Is this statement true or false? 3. In order to earn business income, a taxpayer must be involved in an undertaking that constitutes a business. For tax purposes briefly defines business

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