During 2018, Thomas Has a Net Section 1231 Gain of $57,000

question 126

Multiple Choice

During 2018, Thomas has a net Section 1231 gain of $57,000. In 2018, Thomas reported a net Section 1231 loss of $60,000. What is the character of the 2018 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:

Mirroring

When people take part in similar actions at relatively the same time (i.e., within three to five seconds).

Mimicry

The action or art of imitating someone or something, often as a learning mechanism, entertainment, or survival strategy.

Proof Statements

Claims or assertions made during a sales pitch or presentation that are supported with evidence to persuade the buyer.