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

question 14

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.
-George's construction company completed 5 homes during February 2016.He sells one of the homes in March 2017 at a $37,000 gain.

• 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

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