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QUESTION
An individual has a $30,000 1245 gain, a $85,000 1231 gain, a $55,000 1231 loss, a $30,000 1231 lookback loss, and a $80,000 long-term capital gain....
An individual has a $30,000 § 1245 gain, a $85,000 § 1231 gain, a $55,000 § 1231 loss, a $30,000 § 1231 lookback loss, and a $80,000 long-term capital gain. The net long-term capital gain is:$165,000.$135,000.$110,000.$80,000.None of the above.
