Discussion:Sale of condominium...capital or ordinary
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 16:33, 6 November 2006 Tdoyle (Talk | contribs) ← Previous diff |
Revision as of 16:50, 6 November 2006 Foxttron (Talk | contribs) (NO, they are inv) Next diff → |
||
| Line 6: | Line 6: | ||
| {{ForumReplyPost|UserID=Bubupig|Date=6 November 2006|Text=are the dondominiums be treated as [[Sec. 1231|1231]] property? }} | {{ForumReplyPost|UserID=Bubupig|Date=6 November 2006|Text=are the dondominiums be treated as [[Sec. 1231|1231]] property? }} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Foxttron|Date=6 November 2006|Text=NO, they are inventory held for sale. Ordianry Income.}} | ||
Revision as of 16:50, 6 November 2006
Discussion Forum Index --> Tax Questions --> Sale of condominium...capital or ordinary
| 6 November 2006 | |
| take an example: the construction company is an LLC(in NY), and constructs condominiums which will be sold after it's done. how to report the tax if it has a gain? thanks! | |
| November 6, 2006 | |
| Sounds like it's in the business of doing this, and if so, ordinary income. | |
