All of the Following Statements Regarding Sec

Multiple Choice

All of the following statements regarding Sec. 1245 are true except

A) Sec. 1245 property includes nonresidential real estate that qualified as recovery property under the ACRS rules unless the taxpayer elected to use the straight- line method of cost recovery.
B) Sec. 1245 ordinary gain treatment applies to total depreciation or amortization allowed or allowable but not more than the realized gain.
C) Sec. 1245 applies to assets sold or exchanged at a gain or at a loss.
D) Sec. 1245 does not apply to any buildings placed in service after 1986.