A Loss on the Sale of an Asset Which Is

Multiple Choice

A loss on the sale of an asset which is depreciable and used in business is___________ sale of a non-depreciable asset is___________.

A) deductible from ordinary income; deductible only against capital gains
B) deductible from capital gains income; deductible from ordinary income
C) a credit against the tax liability; not deductible
D) not deductible; deductible only against capital gains