Which of the following does not ultimately result in a capital gain or loss?

Multiple Choice

Sale of a personal use asset

Sale of inventory

Gain on equipment used in a trade or business and held for less than one year, if it is the only asset sale during the year

Sale of capital stock in another company

None of the choices are correct.P

$2$

Which of the following is not true regarding $1239?$

Multiple Choice

$03$:$45$:$09$

It only applies to related taxpayers.

It only applies to gains on sales of depreciable property.

It only applies to gains on sales of nonresidential real property.

It does not apply to losses.