Question
Anna received tangible personal property with a fair market value of $65,000 as a gift in 2013. The donor had purchased the property for $77,000
Anna received tangible personal property with a fair market value of $65,000 as a gift in 2013. 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 2015.
What are the tax status of the property and the nature of the recognized gain when she sells the property?
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Aat Management Accounting Budgeting
Authors: BPP Learning Media
1st Edition
1509718400, 978-1509718405
