If the § 1231 netting process results in a loss, the taxpayer must look back to the prior five years to see if any net § 1231 gains were reported in those years.
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Q12: Both land and a building used as
Q13: During the current year, X sold an
Q14: If § 1245 property is sold on
Q15: The gain or loss on the disposition
Q16: The portion of the gain on the
Q18: L sold a machine that had cost
Q19: W sold an automobile that had been
Q20: Section 1245 is referred to as the
Q21: During the year, V sold an
Q22: If straight-line depreciation is used by an
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