True/False
The purpose of Sec.1245 is to eliminate the advantage taxpayers would have if they were able to reduce ordinary income by depreciation deductions and also receive favorable Sec.1231 treatment when the asset was sold.
Correct Answer:
Verified
Correct Answer:
Verified
Q72: Sec.1245 can increase the amount of gain
Q73: In 1988,Artima Corporation (a C corporation)purchased an
Q74: A sole proprietor plans to sell an
Q75: For livestock to be considered Sec.1231 property<br>A)the
Q76: During the current year,Danika recognizes a $30,000
Q78: This year Pranav had the gains
Q79: The amount recaptured as ordinary income under
Q80: If Sec.1231 applies to the sale or
Q81: For a business,Sec.1231 property does not include<br>A)timber,coal,or
Q82: Sec.1245 ordinary income recapture can apply to