Albert's Sole Proprietorship Owns the Following Assets

question 25

Multiple Choice

Albert's sole proprietorship owns the following assets. Albert sells his sole proprietorship for $500,000.Calculate Albert's recognized gain or loss and classify it as capital or ordinary.

• A)$230,000 ordinary income.
• B)$230,000 capital gain.
• C)$115,000 ordinary income and $115,000 capital gain.
• D)$110,000 ordinary income and $120,000 capital gain.

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Definitions:

Low-birthweight

A condition in newborns weighing less than 2,500 grams (5 pounds, 8 ounces) at birth, which can lead to health problems.

United States

A country primarily located in North America, consisting of 50 states, a federal district, five major self-governing territories, and various possessions.

International Rates

Refers to the comparison of statistics such as disease prevalence, economic indices, or educational achievement across different countries.

Low-birthweight

Refers to babies born weighing less than 2,500 grams (5.5 pounds), often associated with developmental and health problems.