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What is the amount and character of GolfTime gain

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Question - GolfTime LLC sold a piece of land that it uses in its business for $52,000. GolfTime bought the land two years ago for $42,500. What is the amount and character of GolfTime's gain?

A) $9,500 §1221.

B) $9,500 §1231.

C) $9,500 §1245.

D) $9,500 §1250.

E) None of the choices are correct.

Reference no: EM133027825

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