Business, 24.05.2021 15:30, aesthetickait

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 $45,800 each. Dexter's basis in each lot sold is $32,060, and he incurs total selling expenses of $1,832 on each sale. What is the amount of Dexter’s 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 re...