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What is amount of dexter capital gain and ordinary income

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Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of § 1237 and during the tax year sells the first eight lots to eight different buyers for $109,800 each. Dexter's basis in each lot sold is $76,860, and he incurs total selling expenses of $4,392 on each sale.

Problem 1: What is the amount of Dexter's capital gain and ordinary income?

Reference no: EM132708674

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