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:
“Perhaps it is a universal truth that the loss of liberty at home is to be charged to provisions against danger, real or pretended, from abroad.”
—James Madison (1751–1836)
“Mothers risk alienating their mates if they expect them to hold or care for the baby exactly as they do. Fathers who are constantly criticized or corrected may lose interest in handling the baby, and this is a loss for everyone. The cycle is a dangerous one. Now the same mother feels bitter because she is no longer getting any help at home.”
—Cathy Rindner Tempelsman (20th century)
“The cheapness of man is every day’s tragedy. It is as real a loss that others should be low, as that we should be low; for we must have a society.”
—Ralph Waldo Emerson (1803–1882)