Question

Identify the tax issue or issues suggested by the following situations, and state each issue in the form of a question.
Corporation AD operates four antique dealerships. Last year, it sold a 200-year-old desk to its sole shareholder, Mr. C, for $35,000. AD reported its $2,700 gain as ordinary income from the sale of inventory. This year, Mr. C sold the desk to an unrelated collector for $60,000 and reported a $25,000 capital gain on his tax return.


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  • CreatedNovember 03, 2015
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