REG Flashcards
1
Q
A fiduciary must file a tax return for an estate if there is gross income of
A
600 or more
2
Q
What is a capital asset? and what cannot be a capital asset?
A
investments in land
cannot- inventory, real/dep property used in business, A/R, copyrights,
3
Q
What are rules for amortization?
A
5000 immediately rest over 180 months, unless total amount is over 50k then reduce dollar for dollar until 55k then it will be zero
4
Q
what is a sect 1231 asset?
A
depreciable property used in a business
5
Q
what is sect 1245 asset?
A
sale of personal property at a gain
6
Q
what is sect 1250 asset?
A
sale of real property at a gain
