The Additional Depreciation Recapture for a Corporation Under § 291

question 30

True/False

The additional depreciation recapture for a corporation under § 291 is 20 percent of the § 1231 gain.

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Definitions:

Capital Gain

The profit from the sale of an asset or investment exceeding its purchase price, which is subject to taxation.

Ownership Interest

Refers to an individual's or entity's legal right to possess, use, and dispose of property or assets.

Adjusted Gross Income

Gross income after deductions and adjustments, important for tax calculations and eligibility for certain credits.

Sales

The total revenue generated from the selling of goods or services over a particular period.