In 2020, Mary Recognized a $45,000 Gain on the Sale

question 69

Multiple Choice

In 2020, Mary recognized a $45,000 gain on the sale of Section 1231 property. Over the previous five-year period, Mary recognized the following net Section 1231 gains and (losses) :2019 ($28,000) 2018 $16,0002017 ($30,000) Mary's 2020 gain is characterized as

• A) $45,000 ordinary gain
• B) $42,000 ordinary gain and $3,000 capital gain
• C) $28,000 ordinary gain and $17,000 capital gain
• D) $45,000 capital gain

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