During the current year, Frank recognizes a $30,000 Section 1231 gain and a $22,000 Section...
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Accounting
During the current year, Frank recognizes a $30,000 Section 1231 gain and a $22,000 Section 1231 loss. Prior to this, Frank's only Section 1231 item was a $15,000 loss two years ago. In the current year, Frank must report
a.
$8,000 long-term capital gain
b.
$8,000 ordinary income
c.
$15,000 ordinary income
d.
$8,000 ordinary income and $7,000 long-term capital gain
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