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Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of 1237 and during the

Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of 1237 and during the tax year sells

the first eight lots to eight different buyers for $22,000 each. Dexters basis in each lot sold is $15,000, and he incurs total selling expenses of $900 on each sale. What is the amount of Dexters capital gain and ordinary income?

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