Tax – individual – discussion

Tax – Individual
Sections 1245 and 1250

Sections 1245 and 1250 were enacted to close the loophole that resulted from allowing depreciation deductions on assets to offset ordinary income while taxing gain from the sale of these depreciated assets as capital gains. Sections 1245 and 1250 closed the loophole by recharacterizing part or all of the gain on transfers of depreciable assets as ordinary income. Explain how this is accomplished.

Each threaded discussion question should be answered in no less than 250 words and two external sources cited.
 
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