Sergio bought a house for $ 200,000 in March 2020 with the intention of remorse...
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Sergio bought a house for $ 200,000 in March 2020 with the intention of remorse it, own it for a time and then sell it. However, in October 2020 a buyer appeared willing to pay him $ 250,000 for the property. Sergio immediately accepted the offer and sold the house to the buyer.
What is the tax treatment for this transaction in Sergio's individual income tax return for 2020? Indicate quantity and classification. Explain.
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