Andrew,an individual,began business four years ago and has never sold a §1231 asset.Andrew owned each of the assets for several years.In the current year,Andrew sold the following business assets:
Assuming Andrew's marginal ordinary income tax rate is 30 percent,what is the character of the gains and losses and what affect do they have on Andrew's tax liability?

Question

Andrew,an individual,began business four years ago and has never sold a §1231 asset.Andrew owned each of the assets for several years.In the current year,Andrew sold the following business assets:
  Assuming Andrew's marginal ordinary income tax rate is 30 percent,what is the character of the gains and losses and what affect do they have on Andrew's tax liability?

Quizplus · Accepted Answer

The Answer of Andrew,an individual,began business four years ago and has never sold a §1231 asset.Andrew owned each of the assets for several years.In the current year,Andrew sold the following business assets:
  Assuming Andrew's marginal ordinary income tax rate is 30 percent,what is the character of the gains and losses and what affect do they have on Andrew's tax liability?

Andrew,an Individual,began Business Four Years Ago and Has Never Sold