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Business, 21.10.2020 16:01 jessie9772

On May 1, 2018, Kelalani purchased land for $88,000 for use in her business. She sold it on May 1, 2019, for $82,000. If there are no other sales of business or trade property, how is this loss treated for tax purposes on Kelalani's return? 1. $6,000 Section 1231 loss.
2. $6,000 ordinary loss.
3. $6,000 short-term capital loss.
4. $6,000 long-term capital loss.

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On May 1, 2018, Kelalani purchased land for $88,000 for use in her business. She sold it on May 1, 2...
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