Question 1. In the “General Procedure for § 1231 Computation: Step 2.

1. In the “General Procedure for § 1231 Computation: Step 2. § 1231 Netting,” if the gains exceed the losses, the net gain is offset by the “lookback” nonrecaptured § 1231 losses.

a. True

b. False

2. Nonrecaptured § 1231 losses from the six prior tax years may cause current year net § 1231 gain to be treated as ordinary income.

a. True

b. False

3. A personal use property casualty loss is generally deductible only to the extent it exceeds 10% of AGI.

a. True

b. False

4. The Code contains two major depreciation recapture provisions—§§ 1245 and 1250.

a. True

b. False

5. The maximum § 1245 depreciation recapture generally equals the accumulated depreciation.

a. True

b. False

6. Section 1245 may apply to amortizable § 197 intangible assets.

a. True

b. False

7. For § 1245 recapture to apply, accelerated depreciation must have been taken on the property.

a. True

b. False

8. Section 1250 depreciation recapture will apply when accelerated depreciation was used on property used outside the United States and the property is sold at a gain.

a. True

b. False

9. The maximum amount of the unrecaptured § 1250 gain (25% gain) is the depreciation taken on real property sold at

a recognized gain.

a. True

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