In: Accounting
1.
Depreciable assets used in a trade or business and held for more than 1 year are considered Section 1231 assets.
Group of answer choices
True
False
2.
The amount realized from a disposition includes cash received, the FMV of property received, and mortgages/loans transferred to buyer.
Group of answer choices
True
False
3.
In a lump-sum purchase of land and a building, basis is allocated based on the relative FMV of the individual assets acquired.
Group of answer choices
True
False