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- 1250.
No, I am not talking about events from the Middle Ages, but how the IRS wants us to consider assets that we’ve sold. This question also comes up when folks do their own taxes and sold an asset. All those tax computer programs ask…. “Is the asset Section 1231 property, Section 1245 property, or Section 1250 property?” Like the taxpayer understands these concepts. Or- that they are not mutually exclusive.
Continue reading 1231. 1245. 1250.
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