Fillmore's net Section 1231 gains and losses reported for the past five years is presented below.
In 2013,Fillmore has a $15,000 net Section 1231 gain.What amounts and character of income will Fillmore ultimately report in 2013 as a result of this net Section 1231 gain?
A) $ 6,000 LTCG; $9,000 ordinary income
B) $15,000 ordinary income
C) $15,000 Section 1231 gain
D) $ 9,000 LTCG; $6,000 ordinary income
E) None of the above.
Correct Answer:
Verified
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