In Order to Be Considered Sec

question 2

Multiple Choice

In order to be considered Sec.1231 property,all of the following livestock must be held for 12 months or more from date of acquisition except

• A)goats.
• B)hogs.
• C)sheep.
• D)cattle.

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Definitions:

Income Statement

A financial report that shows an organization’s profitability over a period of time—month, quarter, or year.

Financial Statements

Formal records of the financial activities and condition of a business, person, or other entity, often including the balance sheet, income statement, and cash flow statement.

Potential Investors

Individuals or entities that have the capability to invest capital in a project or company but have not yet committed to the investment.