Which of the Following Trade or Business Assets Are Section

question 63

Multiple Choice

Which of the following trade or business assets are Section 1245 properties?
I.Racehorses.
II.Livestock held for breeding purposes
III.Manufacturing equipment.
IV.Residential rental property placed in service in 2008.
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• A)Only statement I is correct.
• B)Statements II and IV are correct.
• C)Statements I, II, and III are correct.
• D)Statements I and IV are correct.
• E)Statements I, II, III, and IV are correct.

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Definitions:

Administrator

A person appointed by a court to serve as a personal representative for a person who died intestate (who made a will but failed to name an executor, or whose executor cannot serve).

Secretary

An individual employed to handle correspondence, keep records, and perform clerical and administrative duties, often assisting an individual or an office within an organization.

Paralegal

A professional who assists lawyers in the delivery of legal services, performing tasks such as research, preparing legal documents, and managing cases but is not qualified to represent clients in court.

Managing Partner

The person responsible for the overall operation and management of a partnership, often leading its strategic direction and making major decisions.