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Topic: REG - Section 1231,1245 & 1250 (

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soontobecpa
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Joined: 03 May 2006
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Posts: 732

Posted: 16 Jan 2009 at 18:28 \| IP Logged

"sec291 ordinary gain=sec 1250 gain + 20% of SL dep."

I have a doubt on this one.Many questions I worked
on,showed the ordinary Income to be just 20% of S.L.It
is not added to the ordinary Income from 1250.

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Gmanigio
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Joined: 10 Sep 2008
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Posts: 55

Posted: 16 Jan 2009 at 18:33 \| IP Logged

Original poster is correct, just checked my Wiley book

__________________
AUD (11/26/08) = 83!!
REG (5/31/09) = 97!!
FAR - NEXT
BEC (8/31/09) = 88!!

soontobecpa
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Posted: 16 Jan 2009 at 19:20 \| IP Logged

yep...I saw an example in wiley..

Thanks!

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RufDaisCPA
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Joined: 22 Aug 2008
Location: United States
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Posts: 2

Posted: 18 Jan 2009 at 10:57 \| IP Logged

Great! Thank you so much!

dc0823
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Joined: 23 Apr 2008
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Posts: 46

Posted: 03 Feb 2009 at 15:16 \| IP Logged

Shasso.......

Thanks for your coke analogy, it was very helpful.

I am having a hard time Reconciling M-1 items , whether to add to book or deduct to tax. Do you have some technique to master it? Does anyone else has a better grasp of it?

I would really appreciate this gesture.

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