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What is the character of Abel income - capital or ordinary

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Question - Abel is an active player in the real estate market. He buys and sells properties frequently, typically holding a property for no more than one year. He buys fixer-uppers, does the fixing himself, and then puts the newly-improved property back on the market. During the taxable year, Abel was involved in 6 real estate transactions, which netted him a profit of over $1,000,000. What is the character of Abel's income - capital or ordinary? Why?

Reference no: EM132831844

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