Which of the following is not a §1245 asset if held for more than one year?
A) Business cell phone.
B) Machinery.
C) Land.
D) Automobile.
E) None of the choices are correct.

Question

Quizplus · Accepted Answer

Land is not considered a §1245 asset, as it is not subject to the depreciation rules under §1245. The other items listed (business cell phone, machinery, automobile) are all tangible personal property and therefore subject to §1245 depreciation rules.

Which of the Following Is Not a §1245 Asset If