Recognized gains and losses must be properly classified. Proper classification depends upon:
A)The tax status of the property.
B)The manner of the property's disposition.
C)The holding period of the property.
D)a., b., and c.
E)None of the above.

Question

Quizplus · Accepted Answer

Proper classification of recognized gains and losses depends on the tax status of the property, the manner of the property's disposition, and the holding period of the property. All these factors determine how gains and losses are treated for tax purposes.

Recognized Gains and Losses Must Be Properly Classified