Business Assets: Section 1231, 1245, and 1250
Jessica I. Marschall, CPA, ISA AM January 23rd, 2024 Section 1231, Section 1245, and Section 1250 are provisions of the United States Internal Revenue Code that deal with the taxation of certain types of assets. What About Depreciation Recapture? Depreciation recapture under Section 1245 and Section 1250 refers to the process by which the IRS […]
Read MorePartnerships: Dissolution and/or Conversion to Single Member LLC
December 26, 2023 Partnership Dissolution When a partnership dissolves, it means that the business relationship among the partners comes to an end, and the assets and liabilities of the partnership need to be settled. In the context of a partnership, the capital accounts of each partner represent their ownership interest in the business. If some […]
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