Which of the following is not a §1245 asset if held for more than one year?
A) Machinery.
B) Automobile.
C) Building purchased in 1985 for which accelerated depreciation was elected.
D) Land.
E) None of these.

Question

Quizplus · Accepted Answer

Land is not a depreciable asset, so it cannot be a §1245 asset. A, B, and C are all assets that can be depreciated and therefore can be classified as §1245 assets if held for more than one year. Therefore, the correct answer is D.

Which of the Following Is Not a §1245 Asset If