Multiple Choice
Tanisha buys a sculpture from a collector for resale in her gallery for $8,400.She sold it 15 months later for $12,500.What are the nature and amount of the gain on the sale of the sculpture?
A) $4,100 Section 1245 gain.
B) $4,100 ordinary income.
C) $4,100 Section 1231 gain.
D) $4,100 gain subject to 28% collectibles tax rate.
Correct Answer:
Verified
Correct Answer:
Verified
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