[Verse 1]
When assets have a story more complex than the rest
Listed personal property needs a special test
Depreciation claimed becomes the gain you'll see
When selling price exceeds what it used to be
[Chorus]
LPP - Listed Personal Property
ABIL - when business dreams go wrong
Terminal loss only when the class is gone
Special rules for capital, sing along
LPP, ABIL, terminal when it's done
Special capital rules, let's learn every one
[Verse 2]
Business investment losses hurt but there's relief
ABIL treatment gives the taxpayer some reprieve
Small business corporation shares that go to zero
Turn capital loss into ordinary, making you the hero
[Chorus]
LPP - Listed Personal Property
ABIL - when business dreams go wrong
Terminal loss only when the class is gone
Special rules for capital, sing along
LPP, ABIL, terminal when it's done
Special capital rules, let's learn every one
[Verse 3]
Principal residence exemption saves the day
Four plus years of ownership shows the way
Ordinarily resident and designated too
Personal use property has limits that are due
[Bridge]
Depreciable property in a class
Terminal loss when assets pass
But only when the balance shows
UCC below zero goes
[Chorus]
LPP - Listed Personal Property
ABIL - when business dreams go wrong
Terminal loss only when the class is gone
Special rules for capital, sing along
LPP, ABIL, terminal when it's done
Special capital rules, let's learn every one
[Verse 4]
Identical properties need averaging rules
FIFO doesn't work, don't be fooled
Adjust the base of what remains
When partial disposition gains
[Outro]
From principal residence to business loss relief
These special rules provide the treatment and belief
That capital property isn't always the same
Master these exceptions, win the CPA game