The §1231 Look-Back Rule Applies Whether There Is a Net

question 24

True/False

The §1231 look-back rule applies whether there is a net gain or loss.

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Definitions:

Trial or Appeal

Legal proceedings where a case is reviewed in court; a trial is the original hearing of a case, while an appeal is a request for a higher court to review a decision.

Mandatory Arbitration

A process stipulated by a contract where parties must resolve their disputes through arbitration rather than through the court system.

Employment Contract

A formal agreement between an employer and employee outlining the terms and conditions of employment.

Arbitration Clause

A clause in a contract that provides that, in the event of a dispute, the parties will submit the dispute to arbitration rather than litigate the dispute in court.