During the current tax year,the Jeckel Company has the following gains and losses from property transactions: $12,000 Section 1231 gain
$23,000 long-term capital gain
$21,000 Section 1231 loss
$4,000 Section 1231 gain
What is the amount and type of gain or loss reported by Jeckel for the year?
A)$21,000 Section 1231 loss;$39,000 capital gain
B)$16,000 Section 1231 gain;$21,000 Section 1231 loss;$23,000 capital gain
C)$18,000 net capital loss
D)$5,000 net Section 1231 loss;$23,000 capital gain
E)None of the above

Question

Quizplus · Accepted Answer

The net Section 1231 gain is $12,000 + $4,000 - $21,000 = -$5,000 (a net loss). The long-term capital gain is $23,000.

During the Current Tax Year,the Jeckel Company Has the Following