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Question - Foreaker LLC sold a piece of land that it uses in its business for $52,000. Foreaker bought the land two years ago for $42,500. What is the character of Foreaker's gain?
A. $9,500 Section 1221
B. $9,500 Section 1231
C. $9,500 Section 1245
D. $9,500 Section 1250
Use the information in Exercise I (if completed, you can also use your solution to Exercise II) to prepare an October 31 balance sheet for Real Solutions.
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