If a business owner gifts a machine (5 year property / straight line depreciation) to his son,

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If a business owner gifts a machine (5 year property / straight line depreciation) to his son, who then uses it in his business, does the son start over with a new 5 year recovery period for his depreciation?

Posted Date: Nov 26, 2021 03:01 PM

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If a business owner gifts a machine (5 year property / straight line depreciation) to his son,

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The answer is NO EXPLANATION No When business owner gifts an ... View the full answer

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