Author Question: During the current year, Danika recognizes a $30,000 Section 1231 gain and a $22,000 Section 1231 ... (Read 52 times)

Engineer · **on:** Sep 13, 2020

Question 1

Daniel recognizes $35,000 of Sec. 1231 gains and $25,000 of Sec. 1231 losses during the current year. The only other Sec. 1231 item was a $4,000 loss three years ago. This year, Daniel must report
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Question 2

During the current year, Danika recognizes a $30,000 Section 1231 gain and a $22,000 Section 1231 loss. Prior to this, Danika's only Section 1231 item was a $15,000 loss two years ago. Danika must report a(n)
◦ $8,000 net LTCG.
◦ $8,000 ordinary income.
◦ $15,000 ordinary income.
◦ $8,000 ordinary income and $7,000 net LTCG.

lcapri7 · **Reply #1 on:** Sep 13, 2020

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