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

question 61

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 land purchased in 1989 that he used to park construction equipment at a gain of $16,500.

• 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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Definitions:

Sewerage

The infrastructure designed for the collection, transport, and disposal of sewage.

Drinking Water

Water that is safe for human consumption, free from contaminants and pathogens.

Life Expectancy

The average period that a person may expect to live, based on the statistical analysis of age-specific death rates.

Sociologist

A scholar or practitioner in sociology, which is the study of social behavior, society, patterns of social relationships, social interaction, and culture.