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In the current year, Susan sold an antique that she bought 6 years ago to display in her home. Susan paid $800 for the antique
In the current year, Susan sold an antique that she bought 6 years ago to display in her home. Susan paid $800 for the antique and sold it for $1,400, using the proceeds to pay court-ordered judgement. The $600 gain that Susan realized on the sale of the antique should be treated as: a. Ordinary income b. Long-term capital gain c. An involuntary conversion d. A non taxable transaction
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