Identify the type(s) of gain or loss that would be recognized on the following asset sales as capital, Section 1231, ordinary, Section 1245 recapture, Section 291 recapture, or Section 1250 unrecaptured gain.
__________ 1. Gain on the sale of stock by an individual.
__________ 2. Gain on the sale of a building used for 15 years by a corporation.
__________ 3. Gain on the sale of a machine used by a business for four years sold at a price less than its original cost.
__________ 4. Gain on the sale of a personal residence.
__________ 5. Gain on the sale of inventory.
__________ 6. Loss on the sale of equipment used in a business for three years.
__________ 7. Loss on the sale of municipal bonds by a corporation.
__________ 8. Gain on the sale of a machine used by a business for 11 months.
__________ 9. Loss on the factoring of receivables.
__________ 10. Gain on sale of a building used by a sole proprietorship for eight years in excess of its original cost.

Question

Identify the type(s) of gain or loss that would be recognized on the following asset sales as capital, Section 1231, ordinary, Section 1245 recapture, Section 291 recapture, or Section 1250 unrecaptured gain.
__________ 1. Gain on the sale of stock by an individual. 
__________ 2. Gain on the sale of a building used for 15 years by a corporation.
__________ 3. Gain on the sale of a machine used by a business for four years sold at a price less than its original cost.
__________ 4. Gain on the sale of a personal residence.
__________ 5. Gain on the sale of inventory.
__________ 6. Loss on the sale of equipment used in a business for three years.
__________ 7. Loss on the sale of municipal bonds by a corporation.
__________ 8. Gain on the sale of a machine used by a business for 11 months.
__________ 9. Loss on the factoring of receivables.
__________ 10. Gain on sale of a building used by a sole proprietorship for eight years in excess of its original cost.

Quizplus · Accepted Answer

The Answer of Identify the type(s) of gain or loss that would be recognized on the following asset sales as capital, Section 1231, ordinary, Section 1245 recapture, Section 291 recapture, or Section 1250 unrecaptured gain.
__________ 1. Gain on the sale of stock by an individual. 
__________ 2. Gain on the sale of a building used for 15 years by a corporation.
__________ 3. Gain on the sale of a machine used by a business for four years sold at a price less than its original cost.
__________ 4. Gain on the sale of a personal residence.
__________ 5. Gain on the sale of inventory.
__________ 6. Loss on the sale of equipment used in a business for three years.
__________ 7. Loss on the sale of municipal bonds by a corporation.
__________ 8. Gain on the sale of a machine used by a business for 11 months.
__________ 9. Loss on the factoring of receivables.
__________ 10. Gain on sale of a building used by a sole proprietorship for eight years in excess of its original cost.

Identify the Type(s) of Gain or Loss That Would Be