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Author Question: Yelenis, whose tax rate is 28%, sells one Sec. 1231 asset this year, resulting in a $50,000 gain. ... (Read 56 times)

segrsyd

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Question 1

Why did Congress establish favorable treatment for 1231 assets?
◦ to encourage the mobility of capital
◦ to allow a larger deduction for losses
◦ to help business owners replace assets which had declined in value
◦ All of these

Question 2

Yelenis, whose tax rate is 28%, sells one Sec. 1231 asset this year, resulting in a $50,000 gain. Included in the $50,000 Sec. 1231 gain is $30,000 of unrecaptured Sec. 1250 gain. A review of Yelenis tax files for the past five years indicates one prior Sec. 1231 sale which resulted in a $14,000 loss. The gain will be taxed as









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Marked as best answer by segrsyd on Sep 13, 2020

Harbringer

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segrsyd

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Reply 2 on: Sep 13, 2020
Wow, this really help


sultansheikh

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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