Taxpayers with multiple rental properties that cost $50,000 or more can elect to treat each such property
Question:
Taxpayers with multiple rental properties that cost $50,000 or more can elect to treat each such property as property of a separate class.
A. False because separate class treatment for rental properties that cost $50,000 or more is mandatory and not optional. There is no election.
B. False because rental properties that cost $50,000 or more are not allowed to be treated as separate classes.
C. True because rental properties that cost $50,000 or more are allowed to be treated as separate classes or combined into a single class. An election is permitted.
D. False because separate class treatment is optional for rental properties that cost $50,000 to $100,000; however, it is mandatory for properties that cost more than $100,000.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill