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Figure 23-2
-Refer to Figure 23-2. List the locations associated with the flow of inputs and outputs.
Long-Term Gain
Profit from the sale of an asset held for more than a specific period, typically one year, qualifying for preferential tax treatment.
Parcel of Land
A specific piece of land, defined by boundaries, that can be owned or bought.
Capital Gain
The profit from the sale of assets or investments, such as stocks or real estate, which exceeds the purchase price.
Gift
A voluntary transfer of property or funds from one person to another without receiving anything in return, or at least without expecting a return equal to the value of the gift.
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