The following is true if land is sold except:
A)The gain on the sale of land used in a business is recorded on Form 4797.
B)The gain on the sale of land used in a business is recorded on Schedule D.
C)The gain on the sale of land used in a business is ordinary income and can appear on a Schedule C if it is owned by a sole proprietor.
D)The gain on the sale of land appears on the Form 1040 under the heading "other income".

Question

Quizplus · Accepted Answer

The Answer of The following is true if land is sold except:
A)The gain on the sale of land used in a business is recorded on Form 4797.
B)The gain on the sale of land used in a business is recorded on Schedule D.
C)The gain on the sale of land used in a business is ordinary income and can appear on a Schedule C if it is owned by a sole proprietor.
D)The gain on the sale of land appears on the Form 1040 under the heading "other income".

The Following Is True If Land Is Sold Except