Solved

The Following Is True If Land Is Sold Except

Question 70

Multiple Choice

The following is true if land is sold except:


A) The gain on the sale of land used in a business is ordinary income and can appear on a Schedule C if it is owned by a sole proprietor.
B) The gain on the sale of land used in a business is recorded on Schedule D.
C) The gain on the sale of land used in a business is recorded on Form 4797.
D) The gain on the sale of land appears on the Form 1040 under the heading "other income".

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents