Section 1231 lookback losses may convert some or all of § 1245 gain into ordinary income
a. True
b. False
Indicate whether the statement is true or false
False
RATIONALE: Section 1231 lookback losses convert net § 1231 gain into ordinary income. Section 1245 gain is treated as ordinary income and the gain does not need to be converted by § 1231 lookback losses into ordinary income because it is already ordinary income.
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