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Unformatted text preview: gains that exceed Acc, Deprec. on personalty gains that exceed Acc. Deprec. on personalty. Is the net result a gain or loss? Is the net result a gain or loss? Net Loss Net Gain Net Loss Net Gain Treat each item separately: 1231 net gain deduct for AGI- Gains are ordinary gains- Business losses are for AGI deductions apply losses against personalty gains, then real estate gains- LT Capital losses are misc itemized not subject to 2% floor Real Estate Personalty Gains Gains Recapture R/E Gain up to Acc Deprec. > Acc Deprec Lookback Losses Lookback Losses Lookback Losses (a) (b) (c) 25% Capital 0%/15% Capital 0%/15% Capital 1...
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- Spring '10