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What amount and type of gain and loss

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Question - This year, Alpine Inc., sold a business property and it had on since 1983 and again at $600,000. It also sold a shopping center he developed in 1987 at a loss of 900,000. If Alpine has no other section 1231 transactions for the year, as a result of these two transactions it will have what amount and type of gain and/or loss?

A. $300,000 in a long term capital loss

B. $300,000 ordinary loss

C. $600,000 long-term capital gain and a $900,000 ordinary loss

D. $600,000 short term capital gain and a $900,000 long term capital loss.

Reference no: EM132430252

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