Question
A Basin opened several years ago and reports the following net 1231 gains and losses since it began business. Year Net 1231 Gains/(Losses) Year 1
A Basin opened several years ago and reports the following net 1231 gains and losses since it began business.
| Year | Net 1231 Gains/(Losses) |
| Year 1 | ($10,000) |
| Year 2 | 8,000 |
| Year 3 | (14,000) |
| Year 4 | (23,000) |
| Year 5 | 26,000 |
| Year 6 | (27,000) |
| Year 7 (current year) | 113,000 |
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| Character of the year 7 $113,000 gain |
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Auditing
Authors: Allan Millichamp, John Taylor
9th Edition
1844809404, 978-1844809400
