Examlex
Explain why non-current assets held for sale are valued at fair value less costs to sell rather than at their value in use.
Gift
Something voluntarily transferred by one person to another without compensation.
Short-term Capital Loss
A loss realized from the sale or exchange of a capital asset held for one year or less.
Long-term Capital Gain
Profit from the sale of an asset held for more than one year, typically taxed at a lower rate than regular income.
Section 1245
A section of the tax code that involves recapturing depreciation on certain types of property as ordinary income upon sale.
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