Which of the following transactions results solely in §1245 gain?
A) Sale of machinery held for less than one year.
B) Sale of machinery held for more than one year and where the gain realized exceeds the accumulated depreciation.
C) Sale of machinery held for more than one year and where the accumulated depreciation exceeds the gain realized.
D) Sale of land held for more than one year and where the amount realized exceeds the adjusted basis.
E) None of the choices are correct.

Question

Quizplus · Accepted Answer

§1245 gain is the lesser of gain realized or accumulated depreciation.

Which of the Following Transactions Results Solely in §1245 Gain