1. An individual has the following recognized gains and losses from disposition of 1231...
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Accounting
1. An individual has the following recognized gains and losses from disposition of 1231 assets (all the assets were vacant land): $15,000 gain, $10,000 loss, $25,000 gain, and $2,000 loss. The individual has a $5,500 1231 look-back loss. The individual also has a $16,000 net short-term capital loss from the disposition of stock. Which of the following statements is correct?
a.The taxpayer has $12,000 net long-term capital gain.
b.The taxpayer has $5,500 ordinary loss and $6,500 net long-term capital gain.
c.The taxpayer has $28,000 ordinary gain and $16,000 net short-term capital loss.
d.The taxpayer has $5,500 ordinary gain and $6,500 net long-term capital gain.
e.None of these choices are correct.
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