_____ 13.The Section 1231 look-back rules change the character of capital losses incurred in the previous 5 years.

Name: _____ 13.The Section 1231 look-back rules change the character of capital losses incurred in the previous 5 years.
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The Section 1231 look-back rules change the character of gains, not losses, by recharacterizing them as ordinary income if there were net Section 1231 losses in the previous five years.

_____ 13The Section 1231 Look-Back Rules Change the Character of Capital