Irby Inc. was incorporated in 2009 and adopted a calendar year. Here is a schedule of Irby's net Section 1231 gains and (losses) reported on its tax returns through 2014. In 2015, Irby recognized a $14,750 gain on the sale of business land. How is this gain characterized on Irby's tax return?

Question

Irby Inc. was incorporated in 2009 and adopted a calendar year. Here is a schedule of Irby's net Section 1231 gains and (losses) reported on its tax returns through 2014.  In 2015, Irby recognized a $14,750 gain on the sale of business land. How is this gain characterized on Irby's tax return?

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The Answer of Irby Inc. was incorporated in 2009 and adopted a calendar year. Here is a schedule of Irby's net Section 1231 gains and (losses) reported on its tax returns through 2014.  In 2015, Irby recognized a $14,750 gain on the sale of business land. How is this gain characterized on Irby's tax return?

Irby Inc Was Incorporated in 2009 and Adopted a Calendar Year