In 2014,Moana purchased land for $99,500 for use in her business.She sold it in 2017 for $115,900.What is the gain on the sale before any netting?

Question

Quizplus · Accepted Answer

The gain on the sale is calculated as follows:
Sale price ($115,900) - Purchase price ($99,500) = $16,400. Since the property was held for use in Moana's business, the gain is considered a Section 1231 gain.

In 2014,Moana Purchased Land for $99,500 for Use in Her