During the Current Year,George Recognizes a $30,000 Section 1231 Gain

question 91

Multiple Choice

During the current year,George recognizes a $30,000 Section 1231 gain on sale of land and a $18,000 Section 1231 loss on the sale of land.Prior to this,George's only Section 1231 item was a $14,000 loss six years ago.George must report a

• A)$12,000 net LTCG.
• B)$12,000 ordinary income.
• C)$14,000 ordinary income.
• D)$10,000 ordinary income and $2,000 net LTCG.

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Definitions:

Conduct Disorder

A serious behavioral and emotional disorder in children and adolescents characterized by a pattern of violating the rights of others and societal norms or rules.

Parent Management Training

A therapeutic approach aimed at teaching parents skills to manage their children's behavioral problems effectively.

Family Intervention

A structured method of assistance where family members come together to address issues affecting one or more of their members, often related to mental health or substance abuse.

Autism Spectrum Disorder

A range of neurological and developmental disorders characterized by difficulties in social interaction and communication, along with restricted and repetitive behaviors.