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 Short Sale:
- Dictionary seller borrows the stock certificates or other property delivered to the buyer. At a later date, the seller either purchases similar stock or property necessary to "cover" the sale, and section 1245 definition.
- Definition Section 1231 Property:
- Dictionary property includes depreciable assets and real estate used in a trade or business and held for more than one year. Under certain circumstances, it also includes timber, coal, domestic iron ore section 1245 explain.
- Definition Statutory Employee:
- Dictionary treated as an employee for social security and Medicare tax purposes and as self-employed for income tax purposes. The "Statutory employee" box on such a worker's Form W-2 should be section 1245 what is.
- Definition Section (Followed By A Number):
- Dictionary The section of the tax Code in which particular laws are given section 1245 meaning.
How works Section 1245 meaning in Tax definitions S .
