Identify/define and Explain the Significance of the Following: Maginot Line

question 31

Essay

Identify/define and explain the significance of the following: Maginot Line.

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Definitions:

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.

Trade or Business

Regular, continuous, and substantial activities engaged in by an entity to generate income or profit.