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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29525
Experience:  Taxes, Immigration, Labor Relations
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On February 5, 2010, Able, Inc. sold land used in its business

Customer Question

On February 5, 2010, Able, Inc. sold land used in its business for $50,000. Able purchased the land on August 1, 1995 for $31,000. As a result of this sale, Able will report:



a. Long-term capital gain of $19,000.

b. §1231 gain of $19,000.

c. Ordinary income of $19,000.

d. No gain of loss.
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

LEV :

a. Long-term capital gain of $19,000.

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