Question: What Internal Revenue Code section provides the basic formula for the calculation of gain or loss on the disposition of property? What is the formula

  1. What Internal Revenue Code section provides the basic formula for the calculation of gain or loss on the disposition of property? What is the formula for the computation of gain or loss? What is the general rule regarding recognition of gain or loss? What are some code sections providing exceptions to this general rule? How is the formula applied to dispositions of multiple assets?

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