On January 1, 2020, June donated business equipment to a qualified charitable organization. June had purchased the
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On January 1, 2020, June donated business equipment to a qualified charitable organization. June had purchased the equipment on January 1, 2014 for $50,000 and had taken $45,000 of accelerated depreciation on the equipment. At the time of the gift, the property had a fair market value of $65,000. What is the recapture potential and the amount of the charitable contribution deduction?
REQUIRED:
For each of the situations provided, answer the question asked about the property transaction.
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If you contribute property to an eligible organisation the amou... View the full answer
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