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Author Question: Section 1245 recapture applies to all the followingexcept (Read 52 times)

@Brianna17

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Question 1

During the current year, Hugo sells equipment for $150,000. The equipment cost $175,000 when placed in service two years ago, and $55,000 of depreciation deductions were allowed. The results of the sale are
◦ LTCG of $30,000.
◦ Sec. 1231 gain of $30,000.
◦ Sec. 1245 ordinary income $30,000.
◦ Sec. 1250 ordinary income of $30,000.

Question 2

Section 1245 recapture applies to all the following except
◦ depreciable personal property.
◦ assets sold or exchanged at a loss.
◦ total depreciation or amortization allowed or allowable.
◦ amortizable intangible personal property.


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Marked as best answer by @Brianna17 on Sep 13, 2020

Ashley I

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@Brianna17

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


mochi09

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Reply 3 on: Yesterday
Gracias!

 

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