Timothy Adams, a dealer in securities, bought a security on June 7 of year 1 for $50. On December 31 of year 1, the fair market value of the security is $100.The security is not identified as an investment. What should Adams report for year 1 for gain or loss? What is the character of the gain or loss?

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ANSWER n this scenario Timothy Adams purchased a security for 50 on June 7 ... View the full answer