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:

Observations

The act of closely monitoring or noting phenomena or behaviors to gather information, often used in research and study.

A Theory

A coherent group of propositions formulated to explain a group of facts or phenomena in the natural world and repeatedly confirmed through experiment or observation.

Cultural Heritage

The inheritance of both tangible objects and intangible qualities from previous generations that belongs to a community or society.

Long-Term Relationships

Bonds or affiliations between individuals that are maintained for an extended period, often characterized by emotional closeness, commitment, and support.