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:
“And what greater calamity can fall upon a nation than the loss of worship? Then all things go to decay. Genius leaves the temple to haunt the senate or the market.”
—Ralph Waldo Emerson (1803–1882)
“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)
“One has but to observe a community of beavers at work in a stream to understand the loss in his sagacity, balance, co-operation, competence, and purpose which Man has suffered since he rose up on his hind legs.... He began to chatter and he developed Reason, Thought, and Imagination, qualities which would get the smartest group of rabbits or orioles in the world into inextricable trouble overnight.”
—James Thurber (1894–1961)