Question: The Sec. 1 2 3 1 look - back rule recharacterizes Sec. 1 2 3 1 gains realized in the current year as ordinary income

The Sec. 1231 look-back rule recharacterizes Sec. 1231 gains realized in the current year as ordinary income to the extent the taxpayer claimed ordinary deductions for Sec. 1231 losses in the past 5 years and those losses have not yet been recaptured as ordinary income.
The Sec. 1 2 3 1 look - back rule recharacterizes

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