In 2013,Joe Purchased Land for $83,500 for Use in His

question 38

Multiple Choice

In 2013,Joe purchased land for $83,500 for use in his business.He sold it in 2016 for $110,000.What is the gain on the sale before any netting?

• A)$26,500 Section 1231 gain.
• B)$26,500 ordinary income.
• C)$26,500 Section 1245 gain.
• D)$26,500 Section 1250 gain.