Question: In 2 0 2 3 Malcolm decided to sell all of the business assets he had been using in his sole proprietorship. He had owned

2023

Malcolm decided to sell all of the business assets he had been using in his sole proprietorship. He had owned and used the assests in his business for several years. The business agreement specified the

280000

of the

400000

was allocable to a commercial building and

20000

allocable to the which the building was attached. Malcolm purchased the property seveal years ago and he used it exclusively for business purposes during the period he owned it

.

Assuming Malcolm has a gain from the sale of his business assets, how will the gain form the sale of the land be treated?

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