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(Answered) Property transaction: Section and capital loss carryover


Yoshida owns two parcels of business land (Section 1231 assets). One parcel can be sold at a loss of $30K, and the other parcel can be sold at a gain of $40K. Yoshida has no norecaptured Section 1231 losses from prior years.;The parcels could be sold at any time because potential purchasers are abundant. Yoshida has a $25K short-term capital loss carryover from a prior tax year and no capital assets that could be sold to generate long-term capital gains. Both the land parcels have been held more than one year.;What would you advice for Yoshida? (Assume tax rates are constant and ignore the present value of future cash flow.)
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Property transaction: Section and capital loss carryover

 


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