Which of the following examples of business use property is NOT eligible for section 1231 treatment...
Homework Answers
Solution: The Answer is
d. Sales of dairy cattle held for 14 months
Reason:
Eligibility under section 1231 will be given in the following cases:
1) Sale or exchange of real and personal properties.
2) Leaseholds either sale or exchanged.
3) Cattle or horses sold or exchanged subjected to be held for 2 years and used for dairy, breeding etc
Here in this question, dairy cattle is held for 14 months, which is less than 2 years. So, section 1231 does not applies.
So, Remaining options a,b,c are incorrect because option d is correct.
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Which of the following examples of business use property is NOT eligible for section 1231 treatment...
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In an exchange Archie gave up his fully depreciated
business use dump truck (DMV 15,000) and 5000 for a newer business
use dump truck (DMV 20,000) The exchange was completed on January
12, 2018. Which of the following statements is TRUE In regard to
Archies exchange of business property?
1) Archie will not be 5defer a gain on his ex
The arrest lose the prod The next future yestos Last years and ending with from the h o use Mark...
explain pls
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