Mark transfers all the property of his sole proprietorship to newly formed Utah Corporation in exchange for

Question:

Mark transfers all the property of his sole proprietorship to newly formed Utah in exchange for all the Utah stock. Mark has claimed depreciation on some of the property. Under what circumstances is Mark required to recapture previously claimed depreciation deductions? How is the depreciation deduction for the year of transfer calculated? What are the tax consequences if Utah sells the depreciable property?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...