In 2011,Joe Purchased Land for $73,500 for Use in His

question 17

Multiple Choice

In 2011,Joe purchased land for $73,500 for use in his business.He sold it in 2014 for $100,000.What is the gain on the sale before any netting?

• A) $26,500 Section 1231 gain.
• B) $26,500 Section 1245 gain.
• C) $26,500 Section 1250 gain.
• D) $26,500 ordinary income.

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