Section 1231 lookback losses may convert some or all of § 1245 gain into ordinary income.

Name: Section 1231 lookback losses may convert some or all of § 1245 gain into ordinary income.
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Section 1231 lookback losses do not convert § 1245 gain into ordinary income; § 1245 gain is already treated as ordinary income to the extent of depreciation recapture. Section 1231 lookback rules apply to netting gains and losses from § 1231 property.

Section 1231 Lookback Losses May Convert Some or All of §