Multiple Choice
Kate subdivides land held as an investment and Section 1237 is satisfied.The lots sell for $30,000 per lot (basis $10,000) .Kate sells five lots in the first year.Kate's ordinary income is
A) $0.
B) $20,000.
C) $100,000.
D) $150,000.
Correct Answer:
Verified
Correct Answer:
Verified
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