Jeff Adler is a 50 partner in the AB Partnership He also is the sole proprietor of a business located in a building he bought in 1987
Jeff Adler is a partner in the AB Partnership He also is the sole proprietor of a business located in
Jeff Adler is a partner in the AB Partnership He also is the sole proprietor
in the AB Partnership He also is the sole proprietor of a business located in a building he bought in
Jeff Adler is a partner in the AB Partnership He also is
the sole proprietor of a business located in a building he bought in
Jeff Adler is a partner in the AB Partnership He
Jeff Adler is a partner
Jeff Adler is a 50% partner in the AB Partnership. He also is the sole proprietor of a business located in a building he bought in 1987.

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Jeff Adler is a 50% partner in the AB Partnership. He also is the sole proprietor of a business located in a building he bought in 1987. This year, Jeff sells the building in which his sole proprietorship is located to the partnership in an arm's-length deal that nets him a $10,000 profit. Jeff is in the top federal income tax bracket and does not sell any other assets during the year. Which of the following best describes how the profit is treated? A.The $10,000 gain is IRC Section 1231 gain. B.The $10,000 gain is IRC Section 1245 gain. C.The $10,000 gain is long-term capital gain. D.The $10,000 gain is taxed as ordinary income.

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