A business taxpayer sells inventory for $60,000.The adjusted basis of the property is $58,000 at the time of the sale and the inventory had been held more than one year.The taxpayer has:
A) No gain or loss.
B) Sold a long-term capital asset.
C) Sold a short-term capital asset.
D) An ordinary gain.
E) None of the above.
Correct Answer:
Verified
Q5: The maximum § 1245 depreciation recapture generally
Q9: Section 1245 may apply to amortizable §
Q31: The § 1245 depreciation recapture potential does
Q33: Depreciation recapture under § 1245 and §
Q39: Section 1231 property generally does not include
Q40: Involuntary conversion gains may not be deferred
Q41: Lea purchased for $1,310 a $2,000 bond
Q47: Sean purchased vacant land in 2005 that
Q60: Section 1245 depreciation recapture potential carries over
Q68: Ramon is in the business of buying
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents