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Section 1245 depreciation recapture potential carries over from the deceased taxpayer to the beneficiary taxpayer.

A) True
B) False

Correct Answer

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For § 1245 recapture to apply,accelerated depreciation must have been taken on the property.

A) True
B) False

Correct Answer

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A lease cancellation payment received by a lessee is generally treated as an exchange because the lease extinguished is usually a capital asset.

A) True
B) False

Correct Answer

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Ramon is in the business of buying and selling securities.Which of the following is a capital asset for Ramon?


A) The securities he buys and sells each day in the normal course of his business.
B) The securities he designates as held for investment at the end of the day of acquisition.
C) The securities he holds more than 12 months.
D) All the securities he owns.
E) b., c., and d.

F) A) and B)
G) B) and C)

Correct Answer

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