Business, 14.12.2019 04:31 ayeelol1447

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 2018, the timber was appraised at $325,000. in august 2018, nicolas cut the timber and sold it for $360,000. nicolas elects to treat the cutting as a sale or exchange under § 1231.

as a result, nicolas has a $ § 1231 gain and a $ ordinary gain.

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Several years ago, nicolas, a timber dealer, purchased a tract of land with a substantial stand of t...

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