On May 20, 2016, Jessica purchased land for $105,647 to use in her business. She sold it

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On May 20, 2016, Jessica purchased land for $105,647 to use in her business. She sold it on May 21, 2017 for $102,595. What are the amount and type of loss on this sale if Jessica does not have any other sales from a trade or business?

a. $3,052 deferred loss.

b. $3,052 long-term capital loss.

c. $3,052 ordinary loss.

d. $3,052 § 1231 loss.

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Fundamentals Of Taxation 2018

ISBN: 9781259713736

11th Edition

Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

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Question Posted: Nov 19, 2018 12:43 PM

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On May 20, 2016, Jessica purchased land for $105,647 to use in her business. She sold it

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Fundamentals Of Taxation 2018

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