Business, 20.12.2019 03:31 ricky9070

Spencer has an investment in two parcels of vacant land. parcel 1 is a capital asset and parcel 2 is a § 1231 asset. spencer already has a short-term capital loss for the year that he would like to offset with capital gain. he has a § 1231 lookback loss that exceeds the gain from the disposition of either land parcel. spencer wants to sell only one land parcel: each of them would yield the same amount of gain. the gain that would be recognized exceeds the short-term capital loss spencer already has. which of the following statements is correct?
a) spencer will have a net capital loss no metter which land percel he sells
b) spencer will have a net capital loss if he sells parcel 2.
c) spencer will have a net capital loss if he sells parcei 1.
d) spencer will have a net capital gain if he sells either parcel 1 or parcel 2.
e) none of the above.

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Spencer has an investment in two parcels of vacant land. parcel 1 is a capital asset and parcel 2 is...

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