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
-George regularly invests unneeded business cash in Eli Lilly common stock.He has bought 200 shares of stock on May 1 of each year from 1986 through 2012.Because of an urgent need for cash,he sells 100 shares of the stock at an $850 gain on March 28,2015.Because the stock is held in a brokerage account,he did not have any paper shares of stock to surrender.He merely told his broker to sell 100 shares.

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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
-George regularly invests unneeded business cash in Eli Lilly common stock.He has bought 200 shares of stock on May 1 of each year from 1986 through 2012.Because of an urgent need for cash,he sells 100 shares of the stock at an $850 gain on March 28,2015.Because the stock is held in a brokerage account,he did not have any paper shares of stock to surrender.He merely told his broker to sell 100 shares.

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