Sections 1245 and 1250 were enacted to close the loophole that resulted from allowing depreciation deductions on assets to offset ordinary income while taxing gain from the sale of these depreciated assets as capital gains
Sections 1245 and 1250 were enacted to close the loophole that resulted from allowing depreciation deductions on assets to offset ordinary income while taxing gain from the sale of these depreciated assets as capital gains. Sections 1245 and 1250 closed the loophole by recharacterizing part or all of the gain on transfers of depreciable assets as ordinary income. Explain how this is accomplished.
Upon the sale or other disposition of property, what four questions should be considered for income tax purposes?
Explain both the above in a minimum of 150 words with no plagiarism.
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