Class 3e Gains & Losses 1231 Assets

Class 3e Gains & Losses 1231 Assets -...

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Taxation of the Business Entity Online Lecture Series Presented by Akore Berliner, CPA
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GAIN / LOSS FORMULA $ Amount Realized $ Less: Adjusted Basis = Gain or Loss
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LOSSES Capital Gains / Losses From Sale of Capital Assets Taxed at capital gain rates Ordinary Gains / Losses From Business Operations From Sale of Ordinary Assets  (Inventory, Receivables) Taxed at Ordinary income rates Passive Gains / Losses From Passive Investments Taxed at Ordinary income rates 1231 Gains / Losses From Sale of Business Assets Gains are treated as Capital Losses are treated as Ordinary Recapture Gain Gain on property previously depreciated  Taxed at 25% rate
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WHAT IS A SECTION 1231 ASSET?
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§  1231 ASSETS DEFINED  § From Section 1231 of IRC:  Depreciable and real property   used in a business  or for production of income held  greater than 1 year
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This note was uploaded on 08/11/2011 for the course ACCT 103 taught by Professor Huxhold during the Spring '11 term at San Diego.

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Class 3e Gains & Losses 1231 Assets -...

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