Chapter 17 - Question 6 : I figure out the answers, could you check and let me know what wrong (if any). Thank you Miguel receives tangible personal property as an inheritance in 2016. The property was depreciated by the deceased (Miguel's father), and Miguel will also depreciate it. At the date of the deceased's death, the property was worth $532,000. The deceased had purchased it for $900,000 and had taken $523,000 of depreciation on the property. Miguel takes $223,000 of depreciation on the property before selling it for $482,000 in 2018. a. Indicate whether the following statements are "True" or "False" regarding the tax status when Miguel sells the property. Any gain Miguel has will be treated as long-term capital gain? False Miguel's basis for the asset is $532,000? True The property is a 1231 asset for Miguel. True Any recapture potential does not carry over to Miguel. True b. If an amount is zero, enter "0". Miguel has a gain of $173,000 as a result of the sale, of which $0 is treated as ordinary income due to 1245 and $173,000 is treated as 1231 gain.