Question 21 of 75 During the tax year Julius sold an office building that he had...

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Answer 1

Answer #1

The correct answer is Part III, 1250

The building is held for more than 1 year and it is sold at a gain

So instructions to Form 4797 clearly state that in case of Holding period more than 1 year and sale at gain, the entry should be made in Part III

Also, Section 1245 EXCLUDES land and building. So Section 1250 is correct.

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Answer 2

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Question 21 of 75 During the tax year Julius sold an office building that he had...

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