For Sales of Section 1231 Business Property,long-Term Gains Are Taxed

question 4

True/False

For sales of Section 1231 business property,long-term gains are taxed at preferential rates while long-term losses are considered ordinary losses and deductible in the year they are incurred.

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Definitions:

Cloaca

In early embryos, the endodermally lined chamber into which the hindgut and allantois empty.

Coelom

The fluid-filled cavity within the body of most multicellular animals, surrounded by a mesothelium, that houses and protects internal organs.

Allantois

An embryonic membrane involved in the early fluid exchange between the embryo and the yolk sac.

Hindgut

The posterior part of the alimentary canal in some animals, including the distal colon and rectum in humans.