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....
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This note was uploaded on 02/01/2011 for the course ACCT 401 taught by Professor Savage,g during the Fall '08 term at Winthrop.
- Fall '08