Question: 1)Explain the difference between ordinary, capital, and 1231 assets. 2) Describe the circumstances in which an individual taxpayer with a net 1231 gain will have

1)Explain the difference between ordinary, capital, and 1231 assets.

2) Describe the circumstances in which an individual taxpayer with a net 1231 gain will have different portions of the gain taxed at different rates.

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