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Read the IRS article New Rules and Limitations for Depreciation and Expensing Under the Tax Cuts and Jobs Act on depreciation and expensing rules. Section 1250 property is depreciable real property, including leaseholds if they are subject to depreciation. There is also section 1245, 1252, 1254, and 1255 property. Out of these last four sections, choose two and describe how they differ from Section 1250 property. For specific information on how the IRS treats property, refer to IRS: Publication 544, Sales and Other Dispositions of Assets resource. Then, answer the following questions:
· When 1250 property is disposed of, how would you treat the gain?
· Is additional depreciation allowed? If not, what prevents this from occu
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Answered 1 days After Sep 19, 2023


Deblina answered on Sep 21 2023
7 Votes
Response to Questions         2
Table of Contents
Response to Question 1    3
Response to Question 2    3
References    5
Response to Question 1
When Section 1250 property is disposed of, the gain is treated as “unrecaptured Section 1250 gain.” Here's how it is typically treated:
Unrecaptured Section 1250 Gain: The gain from the disposition of Section 1250 property is treated as unrecaptured Section 1250 gain. This means that a portion of the gain may be subject to a special tax rate, which is generally lower than the ordinary income tax rate but higher than the preferential...

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