In 2014,Jim Had a $5,000 Net Section 1231 Gain

question 28

Multiple Choice

In 2014,Jim had a $5,000 net Section 1231 gain.In 2016,Jim reported a Section 1231 loss of $12,000.In 2017,Jim has a $15,000 net Section 1231 gain.He had no other sales of property in 2017.What is Jim's ordinary income from his 2017 property transactions?

• A)$- 0 -
• B)$7,000
• C)$3,000
• D)$12,000
• E)$15,000

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Definitions:

Foreign-Currency Exchange

The process of converting one country's currency into another, facilitating international trade and investment through varying exchange rates.

Demand Curve

A graph of the relationship between the price of a good and the quantity demanded.

Foreign-Currency Exchange

The process of converting one currency into another currency, typically through a financial institution.

Exchange Rate

The value of one country's currency in terms of another's, used in foreign exchange markets to facilitate international trade.