What is amount of dexters capital gain and ordinary income, Accounting Basics

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What is amount of dexters capital gain and ordinary income

Problem

Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of § 1237 and during the tax year sells the first eight lots to eight different buyers for $162,600 each. Dexter's basis in each lot sold is $113,820, and he incurs total selling expenses of $6,504 on each sale. What is the amount of Dexter's capital gain and ordinary income?

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Accounting Basics: What is amount of dexters capital gain and ordinary income

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Accounting Basics: What is amount of dexters capital gain and ordinary income

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