Multiple Choice
During the current year,Hugo sells equipment for $150,000.The equipment cost $175,000 when placed in service two years ago,and $55,000 of depreciation deductions were allowed.The results of the sale are
A) LTCG of $30,000.
B) Sec.1231 gain of $30,000.
C) Sec.1245 ordinary income $30,000.
D) Sec.1250 ordinary income of $30,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q32: Any gain or loss resulting from the
Q33: If realized gain from disposition of business
Q34: A net Sec.1231 gain is treated as
Q35: With regard to noncorporate taxpayers,all of the
Q36: An unincorporated business sold two warehouses
Q38: Marta purchased residential rental property for $600,000
Q39: Sec.1245 recapture applies to all the following
Q40: During the current year,a corporation sells equipment
Q41: Gain due to depreciation recapture is included
Q42: Julie sells her manufacturing plant and land