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On February 5, 2010, Able, Inc. sold land used in its business

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for $50,000. Able purchased the...
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
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4/1/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
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LEV :

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

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