On May 20, 2019, Jessica purchased land for $106,060 to use in her business. She sold it on May 21, 2020, for $103,095. What is the amount and type of loss on this sale if Jessica does not have any other sales from a trade or business? Multiple Choice $2,965 § 1231 loss. $2,965 long-term capital loss. $2,965 ordinary loss. $2,965 deferred loss.

On May 20, 2019, Jessica purchased land for $106,060 to use in her business. She sold it on May 21, 2020, for $103,095. What is the amount and type of loss on this sale if Jessica does not have any other sales from a trade or business? Multiple Choice $2,965 § 1231 loss. $2,965 long-term capital loss. $2,965 ordinary loss. $2,965 deferred loss.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter17: Property Transactions: § 1231 And Recapture Provisions

Section: Chapter Questions

Problem 24CE

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