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:

Demand

The level of demand for goods or services that individuals have the willingness and financial capacity to acquire at assorted prices throughout a defined duration.

Supply

The complete volume of a specific commodity or service ready for consumption by customers.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single seller can influence the market price of goods.

Market

A Market is any structured system where economic transactions between buyers and sellers take place, including physical locations or virtual spaces.