A business taxpayer sells inventory for $60,000. The adjusted basis of the prope

Question

A business taxpayer sells inventory for $60,000. The adjusted basis of the property is $58,000 at the time of the sale and the inventory had been held more than one year. The taxpayer has: Answer
a. No gain or loss.
b. Sold a long-term capital asset.
c. Sold a short-term capital asset.
d. An ordinary gain.
e. None of the above. A business taxpayer sells inventory for $60,000. The adjusted basis of the property is $58,000 at the time of the sale and the inventory had been held more than one year. The taxpayer has: A business taxpayer sells inventory for $60,000. The adjusted basis of the property is $58,000 at the time of the sale and the inventory had been held more than one year. The taxpayer has: No gain or loss. Sold a long-term capital asset. Sold a short-term capital asset. An ordinary gain. None of the above.
a. No gain or loss.
b. Sold a long-term capital asset.
c. Sold a short-term capital asset.
d. An ordinary gain.
e. None of the above.

Explanation / Answer

d. An ordinary gain.

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