Identify the type(s) of gain or loss that would be recognized on the following asset sales as capital, Section 1231, ordinary, Section 1245 or Section 1250.
-Gain on the sale of a machine used by a business for four years sold at a price less than its original cost.
A)capital
B)Section 1233
C)ordinary
D)Section 1247
E)Section 1252

Question

Quizplus · Accepted Answer

The Answer of Identify the type(s) of gain or loss that would be recognized on the following asset sales as capital, Section 1231, ordinary, Section 1245 or Section 1250.
-Gain on the sale of a machine used by a business for four years sold at a price less than its original cost.
A)capital
B)Section 1233
C)ordinary
D)Section 1247
E)Section 1252

Identify the Type(s) of Gain or Loss That Would Be