ACC 455

ACC 455 WEEK 1 KNOWLEDGE CHECKACC 455 WEEK 1 KNOWLEDGE CHECK Which of the following results in an ordinary gain or loss? a) Sale of a machine at a gain b) Sale of stock held for investment c) Sale of a §1231 asset d) Sale of inventory e) None of the choices are correct 2. Mary exchanged an office building used in her business for some land. Mary originally purchased the building for $45,000 and it had an adjusted basis of $20,000 at the time of the exchange. The land had a fair market ...