Section 10(b)applies Only To

question 70

Multiple Choice

Section 10(b) applies only to:

• A)stock exchange listed stores.
• B)public corporations.
• C)officers, directors, and 10 percent shareholders.
• D)None of the above

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Definitions:

Basis

Basis refers to the amount of investment in something for tax purposes, usually the cost of acquiring an asset.

Section 1245

A provision of the Internal Revenue Code relating to the recapture of depreciation on certain types of property when sold.

Ordinary

Pertaining to regular or usual conditions, occurrences, or business activities that are not exceptional.

Section 1221

A section of the U.S. Internal Revenue Code that defines all real and personal property subject to depreciation as assets, excluding inventory.