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Fillmore's net Section 1231 gains and losses reported for the past five years are presented below. 2016: $15,000 2017: $12,000 2018: $5,000 . 2019: (28,000)
Fillmore's net Section 1231 gains and losses reported for the past five years are presented below. 2016: $15,000 2017: $12,000 2018: $5,000 . 2019: (28,000) 2020: (13,000) In 2021, Fillmore has a $15,000 net Section 1231 gain. What amounts and character of income will Fillmore ultimately report in 2021 as a result of this net Section 1231 gain? HINT: Lookback rule O $6,000 LTCG; $9,000 ordinary income 0 $9,000 LTCG; $6,000 ordinary income $15,000 ordinary income O $15,000 Section 1231 gain (capital gain)
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