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For purposes of taxation of capital gains: a. Gains on Section 1231 assets may be treated as long-term capital gains, while losses in some cases
For purposes of taxation of capital gains: a. Gains on Section 1231 assets may be treated as long-term capital gains, while losses in some cases may be deducted as ordinary losses. b. Under the provisions of Section 1245, any gain recognized on the disposition of a Section 1245 asset will be classified as a capital gain. c. Short-term capital gains are taxed at 5 percent. d. Ordinary income tax rates are applied to gains on collectibles.
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