Question

Test - Advanced Dispositions: Recapture and installment Sales (2019) Section 7 Question 16 of 30. Isaac sold residential rental property he had owned for three years. As part of this sale, Isaac realized gain on tie vie of the rental house he was depreciating using regular MACRS. Which Code section describes the tax treatment for the LAND sale? O $179. O $1231. O $1245. O $1250

Answer 1

solutiond ho Issac sold residential rental property had wweed for three years. As a part of this sale, land is a non- depreciable propesty, =) sections are core deal with the gin 1245 and 12.50 do not on the land. s section 149 B an immediate expense deduction that bussiness owners can take for purchases of depreciable bassiness equipment Instead of capitalizing and depreciating the asser - Under Section 1931 If real or deprecable business propesty is held one year or less, section 1231 is does not apply.. - 12.31 describes the gain on the land Option - B is consect