what is subsection 1250 property?
Aug.06, 2011 in
Small Business Questions
I am trying to estimate the capital gain rate on land that my wife’s partnership have sold. The IRS publications are confusing me.
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August 6th, 2011 at 6:35 am
Section 1250 requires that gain on the sale of genuine property be treated as ordinary income to the extent of the depreciation claimed contained by excess of straight line. Any gain surrounded by excess of this ordinary income is portion 1231 gain.Good question. When I be in similar situation surrounded by 1997, tax rate be 25 percent. A tax teacher would certainly know how to answer this for you.Hope this helps!Newarview Section 1250 property is any unadulterated property that is or have been depreciable below Sec. 167 but is not subject to recapture under Sec. 1245. This includes adjectives intangible real property (such as lease of land), buildings and their structural components, and all palpable real property except Sec. 1245 property.