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Asset character. Desmond is a lawyer. A few years ago, he bought some undeveloped land in Santa Fe that he thought would increase in value
Asset character. Desmond is a lawyer. A few years ago, he bought some undeveloped land in Santa Fe that he thought would increase in value in the future. He did not develop or rent out the land and he did not use it in a business. What is the character of this land?
A)Ordinary
B)Capital
C)Section 1231
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