Anna received tangible personal property with a fair market value of $65,000 as a gift in 2017.

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Anna received tangible personal property with a fair market value of $65,000 as a gift in 2017. 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 2019. What are the tax status of the property and the nature of the recognized gain when she sells the property?

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South-Western Federal Taxation 2020 Comprehensive

ISBN: 9780357109144

43rd Edition

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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