In 2019, Thomas, a single taxpayer who has a marginal tax rate of 10%, sells land that is Sec. 1231 property at a gain of $4,000. This is the first time Thomas has ever sold a Sec. 1231 asset. If he has no other 1231 transactions or capital asset transactions, Thomas will pay no tax on the $4,000 gain.
Answer the following statement true (T) or false (F)
True
The Sec. 1231 gain will be treated as a LTCG. The LTCG rate for taxpayers with a marginal tax rate of 10% is zero.
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