When an asset is disposed of, there are several questions the
tax accountant must answer in determining the tax implications of
the disposition. These include the type of asset, the amount
realized, the amount of the gain or loss, and how long the asset
was held.
What are the different asset classifications? How is the amount
realized on a sale or exchange determined? How is the amount of
gain or loss determined? How are capital assets classified as short
term...