Which of the Following Transactions Results Solely in §1245 Gain

question 62

Multiple Choice

Which of the following transactions results solely in §1245 gain?

• A)Sale of machinery held for less than one year.
• B)Sale of machinery held for more than one year and where the gain realized exceeds the accumulated deprecation.
• C)Sale of machinery held for more than one year and where the accumulated deprecation exceeds the gain realized.
• D)Sale of land held for more than one year and where the amount realized exceeds the adjusted basis.
• E)None of thesE.§1245 gain is the lesser of gain realized or accumulated depreciation.

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Definitions:

Republican Administrations

Refers to periods of governance in the United States when the executive branch is controlled by the Republican Party, typically characterized by certain fiscal, social, and foreign policies.

Trade Deficits

The economic condition that occurs when a country imports more goods and services than it exports, resulting in a negative balance of trade.

Smoot-Hawley Tariff

A U.S. law enacted in 1930, which raised tariffs on over 20,000 imported goods to record levels, leading to a significant decrease in international trade.

Great Depression

A severe worldwide economic depression that took place mostly during the 1930s, starting in the United States following the stock market crash of 1929.