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Rusty Collins has the following recognized gains and losses from disposition of 1231 assets (all the assets were vacant land): $15,000 gain, $10,000 loss, $25,000
Rusty Collins has the following recognized gains and losses from disposition of 1231 assets (all the assets were vacant land): $15,000 gain, $10,000 loss, $25,000 gain, and $2,000 loss. Rusty has a $5,500 1231 lookback loss. Rusty also has a $16,000 net short-term capital loss from the disposition of stock. What is the amount and character of the recognized gain and/or loss?
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