Betty a single taxpayer with no dependents has the gains, Ask an Expert

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Betty, a single taxpayer with no dependents, has the gains and losses shown below. Before considering these transactions, Betty has $45,000 of other taxable income. What is the treatment of the gains and losses and what is Betty's taxable income?

1245 Gain $18,000
1250 Gain 3,000
Business equipment long-term casualty loss (8,000)
Business real property long-term casualty gain 12,000
1231 Gain 13,000
1231 Lookback Loss (2,000)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991944

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