During 2019, Silverado Corporation has the following Section 1231 gains and losses:
Casualty loss$(10,000)
Section 1231 gains12,000
Section 1231 losses(3,000)
?
During the period 2014–2018, the corporation recognized $8,000 of net Section 1231 losses as ordinary losses that have not been recaptured. How much of the 2019 Section 1231 gains and losses are recognized as long-term capital gains?
A. $- 0 -
B. $1,000
C. $9,000
D. $10,000
E. $12,000
Answer: B
Business
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