The amount of gain eligible for exclusion on the sale of Code Sec. 1202 stock is the greater of (1) $10,000,000 reduced by eligible gain taken into account by the taxpayer in prior years or (2) ten times the basis of the stock disposed of during the year. True or False
The amount of gain eligible for exclusion on the sale of Code Sec. 1202 stock is the greater of (1) $10,000,000 reduced by eligible gain taken into account by the taxpayer in prior years or (2) ten times the basis of the stock disposed of during the year. True or False
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 68P
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Question
Kk.402.
Transcribed Image Text:The amount of gain eligible for exclusion on the sale of Code Sec. 1202 stock is the greater of (1) $10,000,000
reduced by eligible gain taken into account by the taxpayer in prior years or (2) ten times the basis of the stock
disposed of during the year.
True or False
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