Part III of Form 4797 Is Used to Report Gains

question 57

True/False

Part III of Form 4797 is used to report gains from the sale of depreciable business equipment sold at a gain and held more than one year.

---

Definitions:

Price Rises

A general increase in the cost of goods and services in an economy, often indicating inflationary pressures.

Ration

The controlled distribution of scarce resources, goods, or services, often during shortages or in wartime.

Surplus

The situation in which the quantity supplied of a product exceeds the quantity demanded at a given price.

Excess Demand

A situation where the quantity demanded of a product exceeds the quantity supplied at a given price, often leading to price increases.