Before the tax implications of asset sales can be determined,which of the following must be determined?
A)assets must be classified as either personal,trade or business,or investment assets.
B)the length of time the taxpayer owned the property.
C)whether the assets are subject to depreciation.
D)all of these.

Question

Quizplus · Accepted Answer

All three factors - classification of assets, length of ownership, and depreciation status - can affect the tax implications of asset sales. It is important to consider all of these factors before determining the tax consequences of selling assets.

Before the Tax Implications of Asset Sales Can Be Determined,which