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.
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
-On December 1,2013,George paid $17,500 for a painting.On October 31,2015,he sells the painting for $26,750.

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The Answer of 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.
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
-On December 1,2013,George paid $17,500 for a painting.On October 31,2015,he sells the painting for $26,750.

Classify the Gain or Loss on Each of George's Assets