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Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 398 Weeks Ago, 3 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
n 2012, Mika has $60,000 of 1231 gains and $48,000 of 1231 losses. During the prior five years, she had the following 1231 results: 2006 $3,000 1231 loss 2007 $4,000 1231 gain 2008 $5,000 1231 loss 2009 $2,000 1231 gain 2010 $4,500 1231 loss What are the tax consequences of the 1231 transactions? a. $12,000 net Sec. 1231 gain taxed as a LTCG b. $7,500 ordinary income and $4,500 Sec. 1231 gain c. $12,000 1231 gain taxed as ordinary income d. $7,500 Sec. 1231 gain and $4,500 ordinary income
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