Loss
When a taxpayer takes a loss on the sale of an asset, there is no depreciation recapture. However, the taxpayer may qualify for ordinary loss treatment under IRC ยง 1231.
Read more about this topic: Depreciation Recapture
Famous quotes containing the word loss:
“The cultivation of one set of faculties tends to the disuse of others. The loss of one faculty sharpens others; the blind are sensitive in touch. Has not the extreme cultivation of the commercial faculty permitted others as essential to national life, to be blighted by disease?”
—J. Ellen Foster (1840–1910)
“California is a place in which a boom mentality and a sense of Chekhovian loss meet in uneasy suspension; in which the mind is troubled by some buried but ineradicable suspicion that things had better work here, because here, beneath that immense bleached sky, is where we run out of continent.”
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“I have always observed, when there is as much sour as sweet in a compliment, that an Englishman is eternally at a loss within himself, whether to take it, or let it alone: a Frenchman never is.”
—Laurence Sterne (1713–1768)