12.

William Williams runs a hot dog stand. During the year, he sells an oven and a refrigerator that were used in his business and held for five years. He had a gain of $500 on the oven and a loss of $1,000 on the refrigerator. If these were his only sales or exchanges during the tax year, William will treat the gain as a long-term capital gain and the loss as a long-term capital loss.

True

False