On May 1, 2015, Kelalani purchased land for $88,000 for use in her business. She sold it
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Question:
On May 1, 2015, Kelalani purchased land for $88,000 for use in her business. She sold it on May 1, 2016, for $82,000. If there are no other sales of business or trade property, how is this loss treated for tax purposes on Kelalani's return?
1-$6,000 Section 1231 loss.
2-$6,000 ordinary loss.
3-$6,000 short-term capital loss.
4-$6,000 long-term capital loss.
Related Book For
Financial Accounting
ISBN: 978-1118334324
9th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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