In 2011, Jim Had a $5,000 Net Section 1231 Gain

question 108

Multiple Choice

In 2011, Jim had a $5,000 net Section 1231 gain. In 2013, Jim reported a Section 1231 loss of $12,000. In 2014, Jim has a $15,000 net Section 1231 gain. He had no other sales of property in 2014. What is Jim's ordinary income from his 2014 property transactions?

• A) $ - 0 -
• B) $ 7,000
• C) $ 3,000
• D) $12,000
• E) $15,000

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Definitions:

Emotional Quotient

A measure of a person's ability to recognize, understand, and manage their own emotions and those of others.

Chronological Age

The actual age of a person or object as measured in years from the date of birth or creation.

Word-recognition Method

A teaching strategy emphasizing the identification and understanding of words in isolation to improve reading skills.

Mainstream Education

Educational settings that provide instruction to the general population of students, including those with and without disabilities, in a common learning environment.