MAP QUESTIONS Instructions: Choose the Letter on the Accompanying Map of the Map

question 44

Short Answer

MAP QUESTIONS
Instructions: Choose the letter on the accompanying map of the United States that correctly identifies each of the following:

Oneida, New York

---

Definitions:

Section 1245

A section of the tax code that involves recapturing depreciation on certain types of property as ordinary income upon sale.

Section 1231 Gain

A gain from the sale or exchange of property used in a business, subject to favorable tax treatment under Section 1231 of the U.S. tax code.

Depreciation

The process of allocating the cost of a tangible asset over its useful life, reflecting the decrease in value over time.

AGI

Adjusted Gross Income is a measure of income calculated from your gross income and used to determine how much of your income is taxable.