CHAPTER 17 true and false practice

CHAPTER 17 true and false practice - CHAPTER 17 PROPERTY...

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CHAPTER 17 PROPERTY TRANSACTIONS: SECTION 1231 AND RECAPTURE PROVISIONS Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSB’s and AICPA’s Core Competencie s for each test item are located within the item itself. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 Section 1231 concepts Modified 1 2 Section 1231 concepts Modified 2 3 Section 1231 concepts Unchanged 3 4 Section 1231 and net casualty loss Unchanged 4 5 Section 1231 assets Unchanged 5 6 Section 1231 assets Unchanged 6 7 Section 1231 assets Unchanged 7 8 Section 1231 assets: timber Unchanged 8 9 Section 1231 assets: livestock New 10 Nonpersonal use capital assets and casualty netting New 11 Condemnation gains and losses and the netting New process 12 Personal use property condemnation gains and New losses 13 Section 1231 casualties Unchanged 13 14 Involuntary conversions Modified 14 15 Section 1231 lookback Unchanged 15 16 Personal use property casualty Unchanged 16 17 Recapture provisions Unchanged 17 18 Section 1245 property Unchanged 18 19 Section 1245 property Unchanged 19 20 Section 1245 recapture Unchanged 20 21 Section 1250 recapture Unchanged 21 22 Unrecaptured § 1250 gain Unchanged 22 23 Section 1250 gain and § 1231 lookback Unchanged 23 24 Recapture: inherited property Unchanged 24 25 Recapture: donated property Unchanged 25 26 Related party transactions Unchanged 26 27 Reporting procedures Unchanged 27 28 Reporting procedures Unchanged 28
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TRUE/FALSE 1. Section 1231 applies to the sale or exchange of business properties, but not to business casualties. ANS: F Section 1231 applies to the sale of business properties and to certain involuntary conversions such as casualties. PTS: 1 DIF: 1 REF: p. 17-3 OBJ: 1 NAT: AICPA FN-Reporting | AACSB Analytic MSC: 2 min 2. Rental use depreciable machinery held more than 12 months is an example of a § 1231 asset. ANS: T
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This note was uploaded on 12/22/2010 for the course BUSACC 1242 taught by Professor Staff during the Spring '10 term at Pittsburgh.

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CHAPTER 17 true and false practice - CHAPTER 17 PROPERTY...

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