Foreaker LLC Sold a Piece of Land That It Uses

question 76

Multiple Choice

Foreaker LLC sold a piece of land that it uses in its business for $52,000.Foreaker bought the land two years ago for $42,500.What is the amount and character of Foreaker's gain?

• A)$9,500 §1221.
• B)$9,500 §1231.
• C)$9,500 §1245.
• D)$9,500 §1250.
• E)None of thesE.Land used in a trade or business is a §1231 asset.

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Definitions:

Performance Appraisal

A systematic evaluation of an employee's job performance and productivity in relation to predefined objectives and criteria.

UN Global Compact

A United Nations initiative encouraging businesses worldwide to adopt sustainable and socially responsible policies.

Forced Labor

Work or service that is performed involuntarily and under the threat of penalty or harm.

Child Labor

The employment of children in any work that deprives them of their childhood, interferes with their ability to attend regular school, and is mentally, physically, socially, or morally harmful.