Under IRS regulations, a gain or loss upon current disposition of an asset is first considered to be long term if the asset has

Question

elixir [45]

2 years ago

15

Under IRS regulations, a gain or loss upon current disposition of an asset is first considered to be long term if the asset has

been held for:

Business

1 answer:

Brrunno [24] · Answer 1 · 2022-07-22T05:45:27+03:00

Answer:

over 1 year

Explanation:

IRS known as Internal Revenue Service interpret internal revenue code and they control treasure regulation. They also have code that control disposition of asset which is the process of selling out of an asset

It should be noted that Under IRS regulations, a gain or loss upon current disposition of an asset is first considered to be long term if the asset has been held for over 1 year.