A flipper buys land for $50,000 and sells it 13 months later for $100,000. What tax rate

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A flipper buys land for $50,000 and sells it 13 months later for $100,000. What tax rate applies to this transaction?

Capital gains

Ordinary income

Passive income

None; it is under the $125,000 exclusion

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Nov 14, 2023 03:54 AM

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A flipper buys land for $50,000 and sells it 13 months later for $100,000. What tax rate

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Income Tax Fundamentals 2013

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