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

question 44

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 sells a fully depreciated air compressor that cost $975 for $650. The compressor was used to operate air tools.

• 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