A Business Taxpayer Sells Inventory for $80,000

question 11

Multiple Choice

A business taxpayer sells inventory for $80,000. The adjusted basis of the property is $58,000 at the time of the sale and the inventory had been held more than one year. The taxpayer has:

• A) No gain or loss.
• B) Sold a long-term capital asset.
• C) Sold a short-term capital asset.
• D) An ordinary gain.
• E) None of the above.

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Definitions:

Mentors

Experienced and trusted advisors who provide guidance, knowledge, and support to less experienced individuals in various contexts.

Disloyalty

A lack of faithfulness or allegiance to commitments, obligations, or affiliations, such as those to an employer or cause.

Personal Brand

The unique combination of skills, experiences, and personality that one presents to the world.

Outstanding Reputation

The exceptional recognition an individual or organization has earned for their notable achievements, character, or quality.