Question
A flipper buys land for $50,000 and sells it 13 months later for $100,000. What tax rate applies to this transaction? Capital gains Ordinary income
A flipper buys land for $50,000 and sells it 13 months later for $100,000. What tax rate applies to this transaction?
Capital gains
Ordinary income
Passive income
None; it is under the $125,000 exclusion
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
