An IRS auditor construes your client's ownership of an exchange property of less than a...
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Accounting
An IRS auditor construes your client's ownership of an exchange property of less than a year to be the actions of a real estate dealer. What would most likely happen in this instance?
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Any gain could be ordinary income and not subject to rules.
Any gain would be subject to rules.
Any loss could be ordinary income and not subject to rules.
The transaction would be cancelled.
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