Multiple Choice
The following is true if land is sold except:
A) The gain on the sale of land used in a business is recorded on Form 4797.
B) The gain on the sale of land used in a business is recorded on Schedule D.
C) The gain on the sale of land used in a business is ordinary income and can appear on a Schedule C if it is owned by a sole proprietor.
D) The gain on the sale of land appears on the Form 1040 under the heading "other income".
Correct Answer:
Verified
Correct Answer:
Verified
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