QUESTION 6 Which of the following if any, is considered a Sec. 1250 asset? Building Car Furniture Software QUESTION 7 Which of the following is not one of the allowable cost recovery systems? Recapture Depreciation Amortization Depletion QUESTIONS Taxpayer successfully completes a 1231 exchange. The property given up had basis of 1,000. The taxpayer received a replacement property with fair market value of $10,00 Taxpayer also received 51,000 of cash in the transaction. What is the taxpayer's basis in the asset received? $11,000 59,000 $10,000 $1,000 QUESTION 9 Type here to search