How a taxpayer could realize a gain but not recognize it

Reference no: EM13906468

1. Describe the circumstances in which an individual taxpayer with a net §1231 gain will have different portions of the gain taxed at different rates.

2. Rocky and Bullwinkle Partnership sold a parcel of land during the current year and realized a gain of $250,000. Rocky and Bullwinkle did not recognize gain related to the sale of the land on its tax return. Is this possible? Explain how a taxpayer could realize a gain but not recognize it.

Reference no: EM13906468

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