Multiple Choice
Vertical, Inc., has a 2014 net § 1231 gain of $67,000 and had a $22,000 net § 1231 loss in 2013. For 2014, Vertical's net § 1231 gain is treated as:
A) $45,000 long-term capital gain and $22,000 ordinary loss.
B) $67,000 ordinary gain.
C) $45,000 long-term capital gain and $22,000 ordinary gain.
D) $67,000 capital gain.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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