In Order to Be Considered Sec

question 2085

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

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Definitions:

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a framework of accounting standards, principles, and procedures.

Disclosed

The act of making information known or revealed, often in a financial context.

Operating Segments

Components of a business for which separate financial information is available and is evaluated regularly by the chief operating decision-maker to allocate resources and assess performance.

Disclosed

Disclosed means to make known or reveal information that was previously secret or unknown.