In 2017,Mary recognized a $45,000 gain on the sale of Section 1231 property.Over the previous five-year period,Mary recognized the following net Section 1231 gains and (losses) : 2016 ($28,000)
2015 $16,000
2014 ($30,000)
Mary's 2017 gain is characterized as
A) $45,000 ordinary gain
B) $42,000 ordinary gain and $3,000 capital gain
C) $28,000 ordinary gain and $17,000 capital gain
D) $45,000 capital gain
Correct Answer:
Verified
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