Moving $to$ the next question prevents changes $to$ this answer.

Question $9$

Which $of$ the following statement $is$ correct?

Sale proceeds minus adjusted basis equals amount realized.

All assets used for business purposes $in$ a trade $or$ business will $be$ classified $as$ $$1231$ assets.

The sale $of$ land held for investment results $in$ ordinary gain $or$ loss.

A net $$1231$ loss will $be$ classified $as$ long$-$term capital loss and a net $$1231$ gain will $be$ classified $asan$ ordinary gain.

None $of$ the choices are correct.