Multiple Choice
In 2013,Joe purchased land for $83,500 for use in his business.He sold it in 2016 for $110,000.What is the gain on the sale before any netting?
A) $26,500 Section 1231 gain.
B) $26,500 ordinary income.
C) $26,500 Section 1245 gain.
D) $26,500 Section 1250 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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