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| Carl Slater was the sole proprietor of a high-volume drug store which he owned for 25 years before he sold it to Statewide Drug Stores, Inc. in 2013. Besides the $800,000 selling price for the store’s tangible assets and goodwill, Slater received a lump sum of $60,000 in 2013 for his agreement not to operate a competing enterprise within 10 miles of the store’s location, for a period of 6 years. How will the $60,000 be taxed to Slater? A. As $60,000 ordinary income in 2013. B. As ordinary income of $10,000 a year for 6 years. C. As $60,000 short-term capital gain in 2013. D. As $60,000 long-term capital gain in 2013. |