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Tax Research: Regulations, Court Cases, & IRC Sections

During the current year, M sold a piece of real estate. The sale produced a recognized gain of $50,000. He had held the real estate for the five-year period preceding the sale. M's prinicipal trade or business is that of an attorney. Over the two-year period preceding the sale, he sold three other pieces of real estate. None of the other pieces sold were located within one mile of the property sold this year. M reported the $50,000 gain as a long term capital gain. The IRS has challenged this characterization. The IRS considers the gain as ordinary income because M sold several lots during the last five years. M has decided to come to you for advice.

What would you advise to him?

REQUIRED: Regarding M's situation above, advise M and list any IRC Sec, Reg, Sec, Rev. Rul and/or court cases used to form your conclusion as evidence.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91595929

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