The gain or loss on land sold within one year of purchase is recorded on which one of the following forms or schedules?
A)Form 4797 if the sale was an asset held for investment purposes by a taxpayer who is a sole proprietor.
B)Form 4797 if the sale was an asset used in a trade or business by a sole proprietor.
C)Schedule D if the sale was an asset used in a trade or business by a sole proprietor who also files a Schedule C.
D)Schedule C if the sale was an asset used in a trade or business of a sole proprietorship.

Question

Quizplus · Accepted Answer

The Answer of The gain or loss on land sold within one year of purchase is recorded on which one of the following forms or schedules?
A)Form 4797 if the sale was an asset held for investment purposes by a taxpayer who is a sole proprietor.
B)Form 4797 if the sale was an asset used in a trade or business by a sole proprietor.
C)Schedule D if the sale was an asset used in a trade or business by a sole proprietor who also files a Schedule C.
D)Schedule C if the sale was an asset used in a trade or business of a sole proprietorship.

The Gain or Loss on Land Sold Within One Year