Question
Angel purchased property as an investment on May 11, 2021, for $63,000. On April 26, 2022, Angel sold the land for $97,000 cash. What is
Angel purchased property as an investment on May 11, 2021, for $63,000. On April 26, 2022, Angel sold the land for $97,000 cash. What is the nature of the gain or loss?
a. Short-term capital loss
b. Short-term capital gain
c. Long-term capital loss
d. Long-term capital gain
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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
