Section 1245
Definition of "Section 1245"
Provision of the Internal Revenue Code applying to gains from the sale of personal property subject to depreciation. In most cases, the gains are at the capital gains tax rate limited to the amount of accumulated depreciation taken.
Popular Real Estate Terms
Business that transforms an underdeveloped tract of land into plots ready for construction. ...
Document submitted to a governmental agency to extend the time period for a previously approved document. ...
Fluctuation in sales, profits, rat of return, etc. Likelihood of declining value. ...
Room that is fit for living in. the building in which the room is located conforms with the building code and has a certificate of occupancy. Usable for all purposes, but does not include ...
Association of people not treated as a corporation. Examples are a limited partnership and a group of cooperative owners. ...
Right of a party, the assignor, to allocate the benefits of certain insurance policies to a third party, the assignee. Insurance on real estate may assign the policy to protect the property ...
Cancellation of a contract such as when a real estate agreement is deemed illegal. ...
Clay-baked, glazed piping that is not damage by water. It is often used in underground drainage. ...
Lender's written assurance that the borrower has fully paid the obligation. The borrower may then show this instrument to interested parties. ...
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