Classify the Gain or Loss on Each of George's Assets

question 116

Multiple Choice

Classify the gain or loss on each of George's assets listed below using the following codes.Note: a code may be used once,more than once,or not at all.
-After using a house as his personal home for 20 years,George converts it in 2006 to an office building for use in his construction business.He sells the building at a $65,000 loss in 2017.

• A)Long-term capital
• B)Short-term capital
• C)Collectible gain
• D)Section 1231
• E)Section 1245
• F)Section 1250
• G)Ordinary income/loss
• H)Nontaxable/nondeductible