1.

Depreciable assets used in a trade or business and held for more than 1 year are considered Section 1231 assets.

Group of answer choices

True

False

2.

The amount realized from a disposition includes cash received, the FMV of property received, and mortgages/loans transferred to buyer.

Group of answer choices

True

False

3.

In a lump-sum purchase of land and a building, basis is allocated based on the relative FMV of the individual assets acquired.

Group of answer choices

True

False