An Individual Had the Following Gains and Losses During 2017

question 66

Multiple Choice

An individual had the following gains and losses during 2017 on property held for the long-term holding period: sale of Orange common stock ($8,000 gain) ; sale of real property used in the taxpayer's business ($1,800 loss) ; destruction of real property used in the taxpayer's business by fire ($1,000 loss) . Which of the following statements is correct?

• A)The fire loss would reduce the real property sale loss.
• B)The fire loss would reduce the stock sale gain.
• C)The sale of real property loss would be netted against the stock sale gain.
• D)The sale of real property is a § 1231 loss.
• E)None of the above.

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Definitions:

Hourly Schedule

A timetable that breaks down events or tasks based on each hour of the day.

Appointment

A scheduled meeting or event, often associated with calendar and scheduling software.

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Meeting

A gathering of people, in-person or virtual, for the purpose of discussion, decision-making, or information exchange.