Several years ago, Nicolas, a timber dealer, purchased a tract of land with a substantial stand of
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Several years ago, Nicolas, a timber dealer, purchased a tract of land with a substantial stand of trees on it. The land cost $8,000, and the timber cost $250,000. On the first day of 2015, the timber was appraised at $325,000. In August 2015, Nicolas cut the timber and sold it for $360,000. Nicolas elects to treat the cutting as a sale or exchange under § 1231. What is the amount and character of Nicolas’s gain or loss?
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Related Book For 
South Western Federal Taxation 2016 Individual Income Taxes
ISBN: 9781305393301
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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