1- 1231 Netting includes a loss from theft and casualty True/False and Why?

2- A taxpayer disposed of an equipment used in ones trade or business at FMV of $100. The equipment was purchased at $100 and took depreciations of $40 prior to the disposition. Determine the tax consequences of the disposition.

3- A taxpayer disposed of a commercial building in ones trade or business at FMV of 100. The building was purchased in 1983 at $100 and took deprecations of $40 prior to the disposition. Excess depreciation taken was $5. Determine the tax consequences of the disposition.

4- Assume that the facts laid out in Question 3 are the same except the fact that the building was purchased in 1989. Determine the tax consequences of the disposition.

5- A transfer of property consisting of all substantial rights to a patent, or an undivided interest therein, by any holder is not considered the sale or exchange of a capital asset held for one year True/False and Why?