Which of the Following Is Not a §1245 Asset If

question 51

Multiple Choice

Which of the following is not a §1245 asset if held for more than one year?

• A) Machinery.
• B) Automobile.
• C) Building purchased in 1985 for which accelerated depreciation was elected.
• D) Land.
• E) None of these.

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Definitions:

Vice-president

An officer in a company or institution below the president in rank, who can act in place of the president under certain conditions.

Segregation of Duties

An internal control mechanism designed to reduce the risk of error or fraud by dividing responsibilities among different people in an organization.

Cheque Signer

An authorized individual within an organization who has been given the authority to sign checks on behalf of the company.

Misappropriate

The act of taking something dishonestly for one's own use, particularly with reference to funds.