If a capital asset were purchased on May 9,2010 and sold on February 24,2011 for a gain and this were the only capital asset sold during the year,then the capital asset is treated as:
A) A long-term asset and will be taxed using capital gains rate.
B) A long-term asset and will be taxed using ordinary income tax rate.
C) A short-term asset and will be taxed using capital gains rate.
D) A short-term asset and will be taxed using ordinary income tax rate.
Correct Answer:
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