In 2021, Agnes recognized a $45,000 gain on the sale of Section 1231 property. Over...
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Accounting
In 2021, Agnes recognized a $45,000 gain on the sale of Section 1231 property. Over the previous 5 year period, Agnes recognized the following net Section 1231 gains and (losses):
2017 ($30,000)
2018 $16,000
2019 ($28,000)
Agnes 2021 gain is characterized as:
a.
$45,000 ordinary gain
b.
$42,000 ordinary gain and $3,000 capital gain
c.
$28,000 ordinary gain and $17,000 capital gain
d.
$45,000 capital gain
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