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

Question

Quizplus · Accepted Answer

Land is not a §1245 asset, regardless of the holding period. Section 1245 assets are tangible personal property used in a trade or business, such as machinery and automobiles. Business cell phones may also qualify as §1245 assets if used in a trade or business.

Which of the Following Is Not a §1245 Asset If