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11.
Lynne owns depreciable residential rental real estate which has
accumulated depreciation (all from straight-line) of $65,000. If Lynne
sold the property, she would have a $53,000 gain. The initial
characterization of the gain would be:
12.
Which of the following creates potential § 1245 depreciation
recapture and potential § 1231 gain?
13.
A business taxpayer sells inventory for $80,000. The adjusted basis of
the property is $58,000 at the time of the sale and the inventory had
been held more than one year. The taxpayer has:
14.
Section 1239 (relating to the sale of certain property between related
taxpayers) does not apply unless the property:
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ACC 307 Mid Term Exam Part 1
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