Revez owns an antique shop he buys property from estates, Ask an Expert

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Revez owns an antique shop. He buys property from estates, often at much less than the retail value of the property. Recently, Revez sold for $4,000 an antique clock for which he had paid $1,250. Revez had held the clock in his shop for 36 months before selling it. Revez would like the gain on the sale of the clock to be a long-term capital gain. How can he achieve that objective?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9992913

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