An Individual Taxpayer Sells a Business Building Placed in Service

question 88

True/False

An individual taxpayer sells a business building placed in service five years ago and recognizes a gain.This is the taxpayer's first and only sale of Sec.1231 property.Since the gain will be treated as LTCG,the details of the sale should be reported on Schedule D of Form 1040.

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Definitions:

Check

A written, dated, and signed instrument that contains an unconditional order directing a bank to pay a definite sum of money to a payee.

Writing A Check

The act of completing a check form to make a payment from a checking account to a person or entity.

Must Be Written

Indicates that specific information or instructions need to be documented in writing, typically for legal, safety, or record-keeping reasons.

Numeric

Relating to or expressed as numbers, often used in data collection and analysis.