Examlex
An individual taxpayer has the gains and losses shown below.There are $3,000 of § 1231 lookback losses.What is the net long-term capital gain?
Holding Period/Property
Character of Gain or Loss
Amount
5 years/vacant land
§ 1231 gain
$7,000
2 years/business equipment
§ 1245 gain
3,200
3 years/publicly traded stock
Long-term capital gain
890
8 months/publicly traded stock
Short-term capital loss
(1,870)
Defaults
Situations where a party fails to fulfill their obligations as specified in a contract or agreement.
Construction Lien
A claim made against a property by a contractor or subcontractor who has not been paid for work performed or materials supplied.
Building Contract
A legally binding agreement between a property owner and a contractor for the construction or renovation of a building, detailing the work to be done, materials, costs, and timeframes.
Hold Back
The act of withholding part of a payment or benefit until certain conditions are met or to exert control or influence over a situation.
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