Gain recognized on the section 1245 asset is classified as ordinary income up to the amount...
Gain recognized on the section 1245 asset is
classified as ordinary income up to the amount of depreciation
claimed
true or false
Homework Answers
Ans: True
Explanation:
As per Section 1245, is generally applies to personal
property,
Under the provisions of Section 1245, any gain recognized on the
disposition of a Section 1245 asset will be classified as ordinary
income up to an amount equal to the depreciation claimed. Any gain
in excess of depreciation taken is classified as a Section 1231
gain.
Add Answer to:
Gain recognized on the section 1245 asset is
classified as ordinary income up to the amount...
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