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Author Question: Mike, a dealer in securities and calendar-year taxpayer, purchased a security for inventory on ... (Read 78 times)

maegan_martin

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on: Sep 13, 2020

Question 1

Kate subdivides land held as an investment and Section 1237 is satisfied. The lots sell for $30,000 per lot (basis $10,000). Kate sells five lots in the first year. Kate's ordinary income is
◦ $0.
◦ $20,000.
◦ $100,000.
◦ $150,000.

Question 2

Mike, a dealer in securities and calendar-year taxpayer, purchased a security for inventory on November 18, 2015 for $15,000. The FMV on December 31, 2015 was $16,000. The security was sold on December 19, 2016 for $16,500. These transactions result in
◦ $0 ordinary income in 2015; $1,500 ordinary income in 2016.
◦ $0 ordinary income in 2015; $1,500 LTCG in 2016.
◦ $1,000 ordinary income in 2015; $500 LTCG in 2016.
◦ $1,000 ordinary income in 2015; $500 ordinary income in 2016.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by maegan_martin on Sep 13, 2020

blakeserpa

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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maegan_martin

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

nanny

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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