An Individual Has the Following Recognized Gains and Losses from Disposition

question 2

Multiple Choice

An individual has the following recognized gains and losses from disposition of § 1231 assets (all the assets were vacant land) : $15,000 gain, $10,000 loss, $25,000 gain, and $2,000 loss. The individual has a $5,500 § 1231 lookback loss. The individual also has a $16,000 net short-term capital loss from the disposition of stock. Which of the following statements is correct?

• A) The taxpayer has $5,500 ordinary gain and $6,500 net long-term capital gain.
• B) The taxpayer has $12,000 net long-term capital gain.
• C) The taxpayer has $28,000 ordinary gain and $16,000 net short-term capital loss.
• D) The taxpayer has $5,500 ordinary loss and $6,500 net long-term capital gain.
• E) None of the above.

---

Definitions:

Weather Bar

A feature in some applications or websites that displays weather forecasts and conditions for specific locations.

Time Slots

Predefined or scheduled periods of time allocated for specific activities or events.

Day View

In calendar or scheduling applications, Day View displays the tasks or events scheduled for a single day.

Work Week

A work week refers to the structured period of time during which an organization conducts its business activities, typically encompassing Monday through Friday.