All of the following statements regarding Sec.1245 are true except
A)Sec.1245 does not apply to any buildings placed in service after 1986.
B)Sec.1245 applies to assets sold or exchanged at a gain or at a loss.
C)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.
D)Sec.1245 ordinary gain treatment applies to total depreciation or amortization allowed or allowable but not more than the realized gain.

Question

Quizplus · Accepted Answer

Sec.1245 applies only to assets sold or exchanged at a gain, not at a loss.

All of the Following Statements Regarding Sec