True/False
In 2019,Thomas,a single taxpayer who has a marginal tax rate of 10%,sells land that is Sec.1231 property at a gain of $4,000.This is the first time Thomas has ever sold a Sec.1231 asset.If he has no other 1231 transactions or capital asset transactions,Thomas will pay no tax on the $4,000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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Q45: Gain recognized on the sale or exchange
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