Multiple Choice
Why did Congress establish favorable treatment for 1231 assets?
A) to encourage the mobility of capital
B) to allow a larger deduction for losses
C) to help business owners replace assets which had declined in value
D) all of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q85: The sale of inventory results in ordinary
Q86: Daniel recognizes $35,000 of Sec.1231 gains
Q87: When corporate and noncorporate taxpayers sell real
Q88: An individual taxpayer sells a business building
Q89: Lily sells her manufacturing plant and land
Q90: Aamir has $25,000 of net Sec.1231 gains
Q91: During the current year,Kayla recognizes a $40,000
Q92: Gains and losses resulting from condemnations of
Q93: Sec.1245 applies to gains on the sale
Q94: Costs of tangible personal business property which