When acquiring new property, for tax reporting purposes, one has to (or at the very least, one should ) consider the different available options that exist today for expensing part or all of an asset’s cost in the year in which it is placed in service…
Which of the following is a true statement? Or, are they both true?
1> All personal property is Section 1245 property.
2> All Section 1245 property is personal property.
Only the first statement is correct! The second statement should be revised…