Examples of a Global Industry Include All of the Following

question 54

Multiple Choice

Examples of a global industry include all of the following except:

• A) Commercial air craft
• B) Semi-conductors
• C) Copiers
• D) Insurance

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Definitions:

Ordinary

Refers to income or transactions that are common or usual within the context of business and taxes.

Donee's Basis

The value assigned to a gift or inherited property for the purpose of determining gain or loss when the property is sold by the recipient.

FMV

The estimated sales price of an asset in the marketplace where both buyer and seller are informed and willing.

Code Sections 1245

Refers to a section of the U.S. Internal Revenue Code that deals with the recapture of depreciation upon the sale of certain types of business property.