The Tax Treatment Regarding the Sale of Existing Assets That

question 70

Multiple Choice

The tax treatment regarding the sale of existing assets that are sold for more than the book value but less than the original purchase price results in a(n) ________.

• A) ordinary tax benefit
• B) capital gain tax liability
• C) recaptured depreciation taxed as ordinary income
• D) capital gain tax liability and recaptured depreciation taxed as ordinary income

---

Definitions:

Nuclear Families

A family unit consisting of two parents and their children living together as a single household, traditionally seen as a societal norm in many cultures.

LGBT Parents

LGBT Parents are individuals who identify as lesbian, gay, bisexual, or transgender and perform the role of a parent or guardian to one or more children.

Sexual Minority Populations

Groups of people whose sexual orientation, gender identity, or sexual characteristics differ from the majority of the population.

Same-sex Parenting

The act of raising children by parents who identify as the same gender, whether through biological means, adoption, or surrogacy.