Question
Review Examples 50 and 52 in the text. In both examples, the taxpayer's AGI is $129,400 even though in Example 52 there is $700 of
Review Examples 50 and 52 in the text. In both examples, the taxpayer's AGI is $129,400 even though in Example 52 there is $700 of nonrecaptured 1231 loss from 2019. Explain why the two AGI amounts are the same.
Sec. 14-8a of our text states that "depreciable property and real property used in businessare not capital assets[emphasis added]." GAAP says they are. See, e.g., FASB ASC 970-360-30-1. Why the distinction between the IRC and GAAP in this regard?
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
