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Barbara has a 2020 net $1231 gain of $45,000 and had a net 5 1231 loss of $15,000 in 2017. She has had no other

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Barbara has a 2020 net $1231 gain of $45,000 and had a net 5 1231 loss of $15,000 in 2017. She has had no other $1231 gains or losses for the tax years 2015 through 2020. For 2020, Barbara's net 5 1231 gain is treated as: $45,000 ordinary gain 545,000 capital gain $30,000 long-term capital gain and $15,000 ordinary loss, None are correct $30,000 long-term capital gain and $15,000 ordinary gain In 2019, James had a $12,000 net long-term capital loss and deducted $3,000 as a capital loss deduction. In 2020, James has a $16,000 0%/15%/20% long-term capital gain and no other capital gain or loss transactions. Which of the statements below is correct? James has a 2020 $7.000 ordinary gain. James has a 2020 $7.000 net capital loss. James has a 2020 $16,000 net capital gain. James has a 2020 $7.000 net capital gain. James has a 2020 $3,000 capital loss deduction Marco owns 70% of the stock of Cactus Corporation. In the current year Marco transfer land with a tax basis of $30,000 and a fair market value of $200,000, for additional stock in Cactus worth $200,000. After the transfer, Marco will own 90% of the stock of Cactus None are correct. Marco has a taxable gain of $170,000 Marco has a taxable gain of $200.000 Marco has a basis of $200,000 in the additional stock he received in Cactus Corporation Marco recognizes no taxable gain on the transfer Dina purchased vacant land in 2001 that she subsequently subdivided for resale into 10 lots. All 10 of the lots were sold during 2020. The lots had a tax basis of $5,000 each and sold for $16,000 each. Dina made no substantial improvements to the lots. She acted as her own real estate broker; so there were no sales expenses for selling the lots. Which of the following statements is correct? All of the gain from the sale of the ten lots is long-term capital gain, All of the gain from the sale of the ten lots is ordinary income. Dina must hold the lots for at least five years to be eligible for the special capital gain treatment of 5 1237. None are correct To be eligible for the special capital gain treatment of S 1237, Dina must be a real estate dealer

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