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Randy's rental property was classified as residential real property
Randy's rental property was classified as residential real property. What code section was used when he sold the rental property? Section 1231 and 1245 Section 1245 and 1250 c) Section 1250 and 1231 d) Section 179 recapture
Expert Solution
The correct answer is
Option (c) Section 1250 and 1231
Section 1250 gain only applies to depreciable real estate, such as commercial real estate and residential rental properties.
Section 1231 property is real or depreciable business property held for more than one year.
Section 1245 is not deals with real property .all personal property falling under Section 1245. However, Internal Revenue Code Section 1245 does include real property assets.
Section 179 recapture is also not deals with real property
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