Question: Assume the same facts provided under questions 2 and 3. The character of any gain or loss on the exchange of the land by Betty

Assume the same facts provided under questions 2 and 3. The character of any gain or loss on the exchange of the land by Betty and Ralph is: Question 5Select one: a. Long-term capital gain. b. Short-term capital gain. c. Ordinary gain. d. Short-term capital loss. e. Determined under Code section 1231

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