Which of the following trade or business assets are Section 1245 properties?
I.RacehorsesII.Livestock held for breeding purposesIII.Manufacturing equipmentIV.Residential rental property placed in service in 2008?
A. Only statement I is correct.
B. Statements II and IV are correct.
C. Statements I, II, and III are correct.
D. Statements I and IV are correct.
E. Statements I, II, III, and IV are correct.
Answer: C
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