During 2017,Thomas Has a Net Section 1231 Gain of $57,000

question 126

Multiple Choice

During 2017,Thomas has a net Section 1231 gain of $57,000.In 2017,Thomas reported a net Section 1231 loss of $60,000.What is the character of the 2017 gain?

• A)$60,000 long-term capital gain.
• B)$60,000 ordinary gain.
• C)$57,000 ordinary gain.
• D)$57,000 long-term capital loss.
• E)$57,000 long-term capital gain.

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Definitions:

Tennis Rackets

Equipment used in the sport of tennis, consisting of a handle attached to a framed grid of tightly pulled strings.

Inventory Record

An inventory record is a detailed log that tracks the quantities and locations of products or materials a company has in stock.

Units Sold

The total number of individual items sold during a specified time period.

Units Received

Refers to the number of individual items or quantities of a product delivered to a recipient as part of a shipment or order.