Anna received tangible personal property with a fair market value of $65,000 as a gift in 2020.
Question:
Anna received tangible personal property with a fair market value of $65,000 as a gift in 2020. The donor had purchased the property for $77,000 and had taken $77,000 of depreciation. Anna used the property in her business. Anna sells the property for $23,000 in 2022. What are the tax status of the property and the nature of the recognized gain when she sells the property?
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The property is a 1231 asset for Anna because it is depreciable property used in her business and ...View the full answer
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Related Book For 
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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