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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 long-term capital asset. c. Sold a short-term capital asset. d. An ordinary gain. e. None of the above.

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