If land, a nondepreciable business asset, was held for GREATER THAN A YEAR and it was sold for a GAIN, what is the ultimate treatment of the gain?

A. Long-term capital gain

B. Ordinary income

If a business asset was held for GREATER THAN A YEAR and was sold for a LOSS, what is the ultimate treatment of the loss?

A. Ordinary Loss

B. Long-term Capital Loss

If a business asset was held FOR LESS THAN a year, what is the ultimate treatment of any gain or loss?

A		Ordinary income or loss
B		Short-term capital gain or loss