Solved

A Business Taxpayer Sells Inventory for $80,000

Question 11

Multiple Choice

A business taxpayer sells inventory for $80,000. The adjusted basis of the property is $58,000 at the time of the sale and the inventory had been held more than one year. The taxpayer has:


A) No gain or loss.
B) Sold a long-term capital asset.
C) Sold a short-term capital asset.
D) An ordinary gain.
E) None of the above.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q7: A business taxpayer sells depreciable business property

Q8: The chart below describes the § 1231

Q10: Thoren has the following items for the

Q12: Depreciation recapture under § 1245 and §

Q12: Which of the following would extinguish the

Q13: Orange Company had machinery destroyed by a

Q14: Which of the following events causes the

Q15: The chart below details Sheen's 2016, 2017,

Q43: Section 1245 depreciation recapture potential does not

Q84: Hilda lent $2,000 to a close personal