Bernice, a sole proprietor, sold two business assets during the year. As a result, she has an

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Bernice, a sole proprietor, sold two business assets during the year. As a result, she has an ordinary loss and a § 1231 gain. The loss asset was office furniture that was held for eight months, and the gain asset is land that was held for five years. Why doesn't the ordinary loss offset the § 1231 gain?
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South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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