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

question 98

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.
-On December 1,2015,George paid $17,500 for a painting.On October 31,2017,he sells the painting for $26,750.

• 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