What Is the Character of Land Used in an Active

question 79

Multiple Choice

What is the character of land used in an active trade or business for two years?

• A) Capital.
• B) Ordinary.
• C) §1231.
• D) Investment.
• E) None of the choices are correct.

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Definitions:

SEC

The U.S. Securities and Exchange Commission, a federal agency responsible for regulating the securities industry and enforcing federal securities laws.

Performance Report

A report detailing the comparison between budgeted figures and actual figures, used to assess an organization's financial and operational performance.

Conversion Cost

The sum of labor and overhead expenses required to convert raw materials into finished goods.

Direct Materials

Raw materials that can be directly traced to the production of a specific product and are a direct cost in the manufacturing process.