During 2013,Thomas Has a Net Section 1231 Gain of $57,000

question 81

Multiple Choice

During 2013,Thomas has a net Section 1231 gain of $57,000.In 2012,Thomas reported a net Section 1231 loss of $60,000.What is the character of the 2013 gain?

• A)$60,000 long-term capital gain.
• B)$60,000 ordinary gain.
• C)$57,000 ordinary gain.
• D)$57,000 long-term capital loss.
• E)$57,000 long-term capital gain.

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Definitions:

Profit

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes associated with them.

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Cabinet

A body of high-ranking state officials, typically consisting of the top leaders of the executive branch, appointed to advise the head of government and implement government policies.