Pidgeon, Inc

question 102

Multiple Choice

Pidgeon, Inc. has the following gains and losses from Section 1231 property during 2014: No net Section 1231 losses have been deducted as ordinary losses in prior years. How much of the 2014 Section 1231 gains and losses are recognized as long-term capital gains?

• A) $ - 0 -
• B) $ 1,000
• C) $ 3,000
• D) $ 4,000
• E) $ 6,000

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