Tax - CHAPTER 8 NOTES TAX 4001 Spring 2010 Major Concepts...

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CHAPTER 8 NOTES TAX 4001 Spring 2010
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Major Concepts Capital Asset Definition Capital Gains Netting Process Section 1231 Assets Defined Section 1231 Process Depreciation Recapture
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Capital Assets Defined Not the same description used for GAAP Tax Definition:  Anything  other than: Receivables Inventory Property Used in A Trade or Business (GAAP  Capital Assets - Congress “fixes” this exclusion  with Sec. 1231) Artistic Creations (prevents artists from converting  ordinary income property into capital assets) Government Documents not acquired by purchase Certain Hedging Transactions Supplies
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Capital Gains Netting Process - Individuals Separate Gains and Losses into Short  Term and Long Term categories  Long Term – held for more than 12 months  (also, certain assets acquired in tax free  exchanges) 3 Subcategories.
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