Identify Which of the Following Statements Is True

question 82

Multiple Choice

Identify which of the following statements is true.

• A)The transferor must recapture depreciation when exchanging Sec. 1245 property in all transactions coming under Sec. 351.
• B)A corporation receiving property in a Sec. 351 exchange can select any MACRS depreciation method for the asset.
• C)When depreciable property is transferred to a corporation in a Sec. 351 exchange in which no gain is recognized, the corporation must continue to use the transferor's depreciation method and recovery period for the property.
• D)All of the above are false.

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Definitions:

Egocentric Fallacy

An erroneous belief that one’s own personal experiences and values are held by others in general.

Sexual Behavior

Actions that are related to or involve sexuality, including the expression of sexual feelings and activities.

Intellectual Ability

The capacity to think abstractly, comprehend complex ideas, learn quickly from experiences, and use reasoning and problem-solving skills.

Confidentiality

The state of keeping information secret or private, often within a professional context.