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What is the character of a gain resulting from the sale of a piece of...

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Question

Accounting

What is the character of a gain resulting from the sale of a piece of land used in an active trade or business for two years?

Question options:

Capital

Ordinary

Section 1231 (and may receive LTCG treatment)

Investment

None of the above

Which of the following types of transactions may not be typically accounted for using the cash-method under the tax code?

Question options:

sale of inventory

services

purchases of machinery

payments of debt

sales of securities

Answer & Explanation Solved by verified expert
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