Benny purchased $400,000 of Peach Corporation face value bonds for $320,000 on November 13, 2012. The bonds had been issued with $80,000 of original issue discount (OID), because Peach was in financial difficulty in 2012. On December 3, 2013, Benny sold the bonds for $283,000 after amortizing $1,000 of the original issue discount.

What are the nature and amount of Benny's gain or loss?

Benny has $ of Selectlong-term capital lossordinary lossshort-term capital lossItem 2 from the sale of the bonds.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.