Final answer:
It is true that Ron can net the gain and loss when selling both assets in the same tax year. However, there are rules and limitations, including the distinction between short-term and long-term capital gains and losses, which should be considered.
Step-by-step explanation:
The statement If Ron sells both assets this year he can net the gain and loss is generally true. When an individual sells two assets, one at a gain and the other at a loss, the Internal Revenue Code allows for the netting of capital gains and losses for tax purposes.
For example, if Ron sells Asset A for a gain of $5,000 and sells Asset B at a loss of ($3,000), he can net these amounts against each other. Thus, he would report a net capital gain of $2,000 on his tax return for the year.
However, there are certain limitations and rules regarding the netting of gains and losses, such as the distinction between short-term and long-term capital gains and losses, and the limitation on the deduction of capital losses. Ron should consult with a tax advisor or accountant for personalized advice tailored to his specific situation.