This preview shows page 1. Sign up to view the full content.
Unformatted text preview: not a capital asset. ____ 4. Real property subdivided for resale into lots, even if no substantial physical improvements have been made to the property, always causes the gain from sale of the lots to be treated as ordinary income. ____ 5. Short-term capital losses are netted against long-term capital gains and long-term capital losses are netted against short-term capital gains....
View Full Document
- Fall '08