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Flashcards — Multiple Choice

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Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A corporation changes its primary business from real-estate dealing to manufacturing. It retains its former real-estate inventory. It relies solely on the articles amendment to call the properties capital assets. Which rule applies?

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The amendment itself constitutes a sale to a new taxpayer The change or articles amendment alone does not reclassify the retained real properties Every articles amendment automatically converts all real property Every retained property becomes a personal residence Manufacturers can never own ordinary assets

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