Which of the following is true regarding the §1231 look-back rule?
A) It only applies when a §1231 gain occurs and there is a nonrecaptured §1231 loss in the prior five years.
B) It only applies when a §1231 loss occurs.
C) It only applies when a §1231 gain occurs and there is a nonrecaptured §1231 gain in the prior five years.
D) It only applies when a §1231 gain occurs.
E) None of the choices are correct.
Correct Answer:
Verified
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