Civil Law Questions
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a net 1231 gain becomes ordinary while a net 1231 loss become long-term capital gain
Which of the following results in an ordinary gain or loss
Which of the following is true regarding depreciation recapture
What is the character of land used in an active trade or business for two years
In a deferred like-kind exchange, the like-kind property to be received must be identified within 45 days and acquired within 180 days from the initial exchange
Which of the following is not a 1245 asset if held for more than one year
Bateman Corporation sold an office building that it used in its business for $800,000. Bateman bought the building ten years ago for $600,000 and has claimed $200,000 of depreciation expense. What is the amount and character of Bateman's gain or loss?
Which of the following is not used in the calculation of the amount realized
The gain or loss realized on the sale of an asset is the amount realized less the adjusted basis
Generally, the amount realized is everything of value received in a sale less selling expenses
Losses on sales between related parties are realized but not recognized
An asset's tax adjusted basis is usually greater than its book-adjusted basis
Taxpayers can recognize a taxable gain on the sale of an asset even though an asset's real economic value has declined
Koch traded Machine 1 for Machine 2 when the fair market value of both machines was $49,500. Koch originally purchased Machine 1 for $76,000, and Machine 1's adjusted basis was $40,500 at the time of the exchange. Machine 2's seller purchased it for $64,500 and Machine 2's adjusted basis was $55,500 at the time of the exchange. What is Koch's adjusted basis in Machine 2 after the exchange?
The sale of computer equipment used in a trade or business for nine months results in which of the following types of gain or loss?
For an installment sale, the gross profit percentage is the gain recognized divided by the gain realized
How is law-making through Acts of Parliament referred to?
What happens when Parliament thinks the Common Law is going in the wrong direction?
Environmental Impact Statement gave teeth to what act?
Is the mortgagee's acceptance presumed without the need for signature?