Classify the gain or loss on each of George's assets listed below using the following codes.Note: a code may be used once,more than once,or not at all.
-On December 1,2015,George paid $17,500 for a painting.On October 31,2017,he sells the painting for $26,750.
A) Long-term capital
B) Short-term capital
C) Collectible gain
D) Section 1231
E) Section 1245
F) Section 1250
G) Ordinary income/loss
H) Nontaxable/nondeductible
Correct Answer:
Verified
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