19 Which of the following is not a $1245 asset if held for more than one year A) Machinery B) Automobile C) Business cell phone D) Land E) None of the choices are correct 20 The sale of machinery for more than the original cost basis (before depreciation) used in a trade or business, and held for more than one year results in the following types of gain or loss A) Capital and Ordinary B) Ordinary only C) Capital and $1231 D) $1245 and $1231 E) None of the choices are correct 21 The sale of computer equipment used in a trade or business for 9 months results in the following type of gain or loss A) Capital B) Ordinary C) $1231 D) $1245 E) None of the choices are correct 22 The sale of machinery at a loss that was used in a trade or business and held for more than one year results in the following type of loss A) Capital B) 291 C) $1231 D) $1245 E) None of the choices are correct 23 The sale of land held for investment results in the following type of gain or loss A) Capital B) Ordinary C) $1231 D) $1245 E) None of the choices are correct

Question

19 Which of the following is not a $1245 asset if held for more than one year  A) Machinery B) Automobile  C) Business cell phone  D) Land  E) None of the choices are correct 20 The sale of machinery for more than the original cost basis (before depreciation)  used in a trade or business, and held for more than one year results in the following types of gain or loss  A) Capital and Ordinary  B) Ordinary only C) Capital and $1231  D) $1245 and $1231 E) None of the choices are correct  21  The sale of computer equipment used in a trade or business for 9 months results in the following type of gain or loss  A) Capital  B) Ordinary  C) $1231 D) $1245  E) None of the choices are correct 22  The sale of machinery at a loss that was used in a trade or business and held for more than one year results in the following type of loss  A) Capital B) 291  C) $1231  D) $1245 E) None of the choices are correct  23 The sale of land held for investment results in the following type of gain or loss  A) Capital  B) Ordinary C) $1231 D) $1245  E) None of the choices are correct

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Question

19.Which of the following is not a $1245 asset if held for more than one year? A) Machinery B) Automobile. C) Business cell phone. D)

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