Identify the type(s) of gain or loss that would be recognized on the following asset sales as capital, Section 1231, ordinary, Section 1245 or Section 1250.
-Gain on sale of a building used by a partnership for eight years in excess of its original cost.
A)capital
B)Section 1240
C)ordinary
D)Section 1254
E)Section 1259

Question

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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 or Section 1250.
-Gain on sale of a building used by a partnership for eight years in excess of its original cost.
A)capital
B)Section 1240
C)ordinary
D)Section 1254
E)Section 1259

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