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A business taxpayer sells inventory for $80,000. The adjusted basis of the property is $58,000 at the time of the sale and the inventory had
A business taxpayer sells inventory for $80,000. The adjusted basis of the property is $58,000 at the time of the sale and the inventory had been held more than one year. The taxpayer has: a.No gain or loss.
b.Sold a short-term capital asset.
c.Sold a long-term capital asset.
d.An ordinary gain.
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