Frisco Inc

question 5

True/False

Frisco Inc.,a C corporation,placed a building in service in 2002 and deducted straight-line depreciation under the MACRS system in the normal manner.It sold the building this year for a substantial gain.Because straight-line depreciation was used,Frisco will not need to recognize any ordinary gain.

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Definitions:

Remedy

A means of obtaining redress or resolution to a breach of contract, harm, or wrongful act within the legal system.

Breach Of Contract

The failure to fulfill the terms of a contract without lawful excuse, which may lead to legal action or damages.

Unilateral Mistake

A mistake made by only one of the parties about the terms of a contract.

Duress

The act of compelling someone to act against their will by use of threats, force, or coercion.