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Delour Inc. was incorporated in 2004 and adopted a calendar year. Here is a schedule of Delour's net Section 1231 gains and (losses) reported on its tax returns through 2009. In 2010, Delour recognized a $50,000 gain on the sale of business land. How is this gain characterized on Delour's tax return?
Journal Entry
A record in accounting that logs a transaction and shows the affected accounts in the form of debits and credits.
Debits
Accounting entries that increase assets or expenses and decrease liabilities, equity, or revenue, recorded on the left side of accounting ledgers.
Credits
Accounting entries that increase liabilities or decrease assets, or record income in double-entry bookkeeping.
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