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

question 103

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 1,2011,George paid $17,500 for a painting.On October 31,2013,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

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