All of the Following Statements Regarding Sec

question 651

Multiple Choice

All of the following statements regarding Sec. 1245 are true except

• A) Sec. 1245 property includes nonresidential real estate that qualified as recovery property under the ACRS rules unless the taxpayer elected to use the straight- line method of cost recovery.
• B) Sec. 1245 ordinary gain treatment applies to total depreciation or amortization allowed or allowable but not more than the realized gain.
• C) Sec. 1245 applies to assets sold or exchanged at a gain or at a loss.
• D) Sec. 1245 does not apply to any buildings placed in service after 1986.

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Definitions:

Reliable Results

Outcomes or findings from an experiment, research, or test that are consistently reproducible and dependable.

Positive Outcomes

Favorable results or effects achieved from a given action, strategy, or policy.

Achievable

Goals or objectives that are within reach and can be accomplished with effort and planning.

Scientific Method

A systematic approach to research where the problem is identified, relevant data are gathered, a hypothesis is formulated from these data, and the hypothesis is empirically tested.