Steven established a sole proprietorship in 2009. He sold 1231 assets at a loss in 2012

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Steven established a sole proprietorship in 2009. He sold § 1231 assets at a loss in 2012 and 2013. He had only sold § 1231 assets at a gain before 2012. In 2014, he could sell a § 1231 asset at a gain and would like to have the gain taxed as a long-term capital gain. What issue is Steven facing?
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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

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

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