Installment Sales of Depreciable Property Which Result in Recaptured Income

question 9

True/False

Installment sales of depreciable property which result in recaptured income under Secs.1245 or 1250 require that the recaptured income be recognized in the year of sale.

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Definitions:

Normally Open Contact

A Normally Open Contact is a type of switch or relay contact that is open (disconnected) when in its default state, closing (connecting) only when activated.

Logic 0

A binary state that represents a false condition or off state in digital electronics.

Software

Programs that control the processing of data in a system, as contrasted to the physical equipment itself (hardware).

Personal Computer

A small, relatively inexpensive computer designed for individual use, capable of running general-purpose applications and accessing the internet.