Which statement, regarding the method of reporting gains or losses from the sale of partnership assets is
Question:
Which statement, regarding the method of reporting gains or losses from the sale of partnership assets is correct?
a. Gain or loss from the sale of assets used in rental activities is separately stated and included in net rental income reported on Schedule K.
b. Income from Section 179 recapture is reported in the same manner as ordinary income from depreciation recapture.
c. Net Section 1231 gains are not separately stated and are reported on page 1 of Form 1065.
d. Depreciation recapture must be separately stated on Schedule K.
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The correct statement is d Depreciation recapture must be separately stated on Schedule K Heres why ...View the full answer
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Related Book For 
Taxation Essentials Of LLCs And Partnerships
ISBN: 9781119722328
1st Edition
Authors: Larry Tunnell, Robert Ricketts
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