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47. Terry Thompson , who meets all the requirements of Section 1237 , sells five lots during 2021 at a gain of $ 30,000 .
47. Terry Thompson , who meets all the requirements of Section 1237 , sells five lots during 2021 at a gain of $ 30,000 . During 2022 , he sells the sixth lot ( basis $ 5,000 ) at selling price of $ 20,000 and incurs $ 300 in selling expenses . What is the nature of Terry's 2022 income from this transaction ?
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