Identify which of the following statements is true.
A) The depreciation recapture potential for a Sec. 1245 property is not included in the definition of a Sec. 751 asset.
B) For Sec. 751 purposes, "substantially appreciated inventory" means property held for sale to customers whose market value exceeds its adjusted basis.
C) Inventory for Sec. 751 purposes includes all property except cash, capital assets, and Sec. 1231 assets.
D) All of the above are false.
C) Inventory for Sec. 751 purposes includes all property except cash, capital assets, and Sec. 1231 assets.
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The Merchandise Inventory account balance is $52,000. A physical count of inventory reveals that the actual inventory balance is $41,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system.)
A) a $41,000 credit to Merchandise Inventory B) a $52,000 debit to Cost of Goods Sold C) a $11,000 credit to Cost of Goods Sold D) a $11,000 credit to Merchandise Inventory
You are directed to study the cultural, economic, technological, political, and legal factors that are larger forces affecting your company. What are you studying?
A) the macroenvironment B) the microenvironment C) the business market D) the marketing mix E) the global environment
An advantage of a retailer-generated credit card is _____
a. no bad debt or slow-payment problems b. no need for credit checks c. low startup costs d. the encouragement of store loyalty
A current ratio that has increased from the prior period indicates an improvement in the company's ability to pay its current debts
Indicate whether the statement is true or false