A Taxpayer Has a Gain on Sec

question 53

True/False

A taxpayer has a gain on Sec.1245 property.None of the gain will be treated as Sec.1231 gain unless the sale price exceeds the original cost.

---

Definitions:

Substantially Certain

A legal standard indicating that an outcome or event was practically assured under certain conditions or actions.

Reasonable Person

A legal standard used to determine whether an individual's behavior in a particular situation is appropriate, by comparing it to how a hypothetical reasonable person would act under similar circumstances.

Antiassignment Clause

a contractual provision that prohibits the transfer of rights or delegation of duties under the contract to another party, without the original party's consent.

Delegated Duty

A task or responsibility that is assigned by someone in a higher position of authority to someone else, typically within an organizational structure.