Anna received tangible personal property with a fair market value of $65,000 as a gift in 2014.
Question:
Anna sells the property for $23,000 in 2016. 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 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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