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Considerations Common to 1245
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accounting accrual adjusted basis AFTR2d allocated allowed alternative minimum tax amortization amount apply Assume benefits bonds capital asset capital loss carryback carryover casualty loss Chapter charitable contribution computed corporation corporation's cost recovery debt depreciation determining distribution dividend election employee EXAMPLE exemption expenditures fair market value Federal income tax filing gain or loss gains and losses gross income holding period incurred individual interest investment itemized deductions Learning Objective limited loan long-term capital gain medical expenses method mortgage nonrecourse debt nontaxable ordinary income paid partner partnership passive activity passive income passive loss payments percent percentage provides purchased qualified real estate real property realized gain recapture received recognized gain redemption regular income tax rent rental residence result rules salary sells shareholder shares sold standard deduction tax credit tax liability tax rate tax return taxable income trade or business transaction transfer TurboTax USTC