On January 1, 2019, Patrick Polk purchased real estate as an investment. On April 1, 2019, Patrick exchanged it for other real estate in a nontaxable exchange. On February 1, 2020, Patrick sold the real estate for cash and realized a gain. This gain will be treated as a. long-term capital gain. b. short-term capital gain. c. part nontaxable and part short-term capital gain. d. part nontaxable and part long-term capital gain.
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On January 1, 2019, Patrick Polk purchased real estate as an investment. On April 1, 2019, Patrick e...
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