Jeremy Has $18,000 of Section 1231 Gains and $23,000 of Section

question 64

Multiple Choice

Jeremy has $18,000 of Section 1231 gains and $23,000 of Section 1231 losses. The gains and losses are characterized as

• A) \[\begin{array} { | l | l | l | l | }
• \hline \text { Capital Gain } & \text { Capital Loss } & \text { Ordinary Income } & \text { Ordinary Loss } \\
• \hline & & \$ 18,000 & \$ 23,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | l | l | l | }
• \hline \text { Capital Gain } & \text { Capital Loss } & \text { Ordinary Income } & \text { Ordinary Loss } \\
• \hline \$ 18,000 & & & \$ 23,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | l | l | l | }
• \hline \text { Capital Gain } & \text { Capital Loss } & \text { Ordinary Income } & \text { Ordinary Loss } \\
• \hline \$ 18,000 & \$ 23,000 & & \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | l | l | l | }
• \hline \text { Capital Gain } & \text { Capital Loss } & \text { Ordinary Income } & \text { Ordinary Loss } \\
• \hline \$ 18,000 & \$ 3,000 & & \$ 20,000 \\
• \hline
• \end{array}\]

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