Question
Husband sells a fully depreciated dump truck to his Wife (during their marriage) that Husband used in his trade or business. Husband purchased the truck
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Husband sells a fully depreciated dump truck to his Wife (during their marriage) that Husband used in his trade or business. Husband purchased the truck 6 years ago for $80,000. The sale price to Wife is $60,000 cash (the fair market value). Does Section 1245 treat Husband's gain as ordinary income despite Section 1041? Why?
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The Successful Audit New Ways To Reduce Risk Exposure And Increase Efficiency
Authors: Felix Pomeranz
1st Edition
1556233914, 978-1556233913
