During the current year, George recognizes a $30,000 Sec. 1231 gain on sale of land and a $18,000 Sec. 1231 loss on the sale of land. Prior to this, George's only Sec. 1231 item was a $14,000 loss six years ago. George must report a
A. $14,000 ordinary income.
B. $12,000 net LTCG.
C. $10,000 ordinary income and $2,000 net LTCG.
D. $12,000 ordinary income.
Answer: B
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A. no threats B. no interrogations C. no promises D. no spying
The doctrine of strict liability can be applied to sellers of goods,including manufacturers, but not distributors
Indicate whether the statement is true or false
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A) universal B) British-style universal C) divided D) compartmentalized E) severable
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What will be an ideal response?