Question: Help Save 8 teit Shemis and Mrs . Sykes operate a very profitable small business. This year, the Sykes recognized a $ 1 0 0

Help
Save 8 teit
Shemis
and Mrs. Sykes operate a very profitable small business. This year, the Sykes recognized a $100,000 gain on sale of a trade name they had created and yrighted for use in their business. Which of the following statements is true?
Multiple Choice
The $100,000 gain is capital gain eligible for a preferential tax rate.
The $100,000 gain is capital gain against which the Sykes can deduct any capial losses recognized this year.
The $100,000 gain is ordinary business income.
Statements A and B are true.
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13 of 20
Help Save 8 teit Shemis and Mrs . Sykes operate a

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