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how do i use salvage value in the cost recovery and sec 1245 recapture? I have an issue with the following question: Ted bough a
how do i use salvage value in the cost recovery and sec 1245 recapture? I have an issue with the following question:
Ted bough a new furniture costing 900,000 (7 year convention property, 1/2 year convention). The estimated salvage value is $50,000. Ted sold the furniture on December 2017, what is the amount of character of the gain/loss in each of the following transactions:
Selling price = 50,000
Selling price = 100,000
Selling price = 1,000,000
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