What SECTION 1245 means: When depreciable personal property is sold, gain must be recaptured as ordinary income up to the amount of depreciation claimed. Section 1245 is the Internal Revenue Code section that requires this treatment. Also see "Recapture of Depreciation.".
- Definition Severance Damages:
- Dictionary Payment received because part of a property is condemned and the value of the retained part is thereby decreased section 1245 definition.
- Definition S Corporations:
- Dictionary business corporation that generally pays no tax. Instead, shareholders of an S corporation report their share of the corporation's income, gain, losses, and credits on their individual returns section 1245 explain.
- Definition Support:
- Dictionary provided on behalf of an individual. Support includes food, lodging, and other necessities as well as recreation and other nonessential expenditures. Support is not limited to necessities and can be section 1245 what is.
- Definition Self-Employment Income:
- Dictionary Self-employment income is income earned by a self-employed employed individual. In most cases, the income is subject to self-employment (social security and medicare) tax section 1245 meaning.
How works Section 1245 meaning in Tax definitions S .
