Unrecaptured 1250 Gain Is the Amount of Long-Term Capital Gain

question 58

True/False

Unrecaptured 1250 gain is the amount of long-term capital gain which would be taxed as ordinary income if Sec.1250 provided for the recapture of all depreciation and not just additional depreciation.

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Definitions:

Debits

Accounting entries that increase assets or expense accounts, or decrease liability, equity, or revenue accounts.

Credits

Accounting entries that increase liabilities or equity accounts, or decrease asset accounts.

Personal Equipment

Tangible items owned by an individual for personal use, not for business or commercial purposes.

Cash

Currency and other liquid instruments such as checks and bank deposits that are readily available for use in transactions and other immediate needs.