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Tax treatment for Sections 1245 & 1231 property

by | Nov 29, 2023 | Posted Questions

Tax treatment for Sections 1245 & 1231 property 

Secs. 1245 and 1231. The LaPoint Corporation placed in
service $350,000 of equipment (7-year recovery property) on June 3, 2008 and
elected to expense $250,000 as Sec. 179 expense. LaPont sold the equipment for
$150,000 on November 22, 2009.

Determine the following:

a. Depreciation allowed in 2008 if the corporation wants to
maximize total deductions.

b. Depreciation allowed during 2009.

c. Amount of gain or loss and character.
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