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

question 73

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.
-After using a house as his personal home for 20 years, George converts it in 2007 to an office building for use in his construction business. He sells the building at a $65,000 loss in 2018.

• 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