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Abbey has the following gains and losses from property transactions. What is the effect on taxable income if Abbey is (a) a corporation; (b) an individual?
Long-term capital gain $2,000
Long-term capital loss 12,000
Section 1231 gain 20,000
Section 1231 loss 15,000
Short-term capital gain 3,000
Short-term capital loss 2,000
Land Improvements
Enhancements made to a piece of land to increase its value or functionality, such as landscaping, fencing, and adding utilities.
Intangible Assets
Non-physical assets such as patents, copyrights, trademarks, and goodwill.
Trademark
A recognizable sign, design, or expression which identifies products or services of a particular source from those of others, legally registered to claim exclusive rights.
Intangible Assets
Non-physical assets that possess value, such as trademarks, patents, goodwill, and copyrights.
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