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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

  1. 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:

    aa a. Sold a long-term capital asset

    b. b. An ordinary gain.

    c. Sold a short-term capital asset.

    d. No gain or loss.

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