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In January of current year, Wanda transferred machinery FMV $200,000 AB $30,000 to controlled corporation, Oriole, in a sec. 351 transfer. Wanda deducted depreciation on
In January of current year, Wanda transferred machinery FMV $200,000 AB $30,000 to controlled corporation, Oriole, in a sec. 351 transfer. Wanda deducted depreciation on the machinery in the amount of $165,000 when she held it as a sole proprietor. Later during the year, Oriole sells the machinery for $190,000. What are the tax consequences to Wanda and Oriole on the sale of the machinery
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Accounting 101 For Business Coaches How To Find Your High End Coaching Fees Before You Start Working With Your New High End Coaching Client
Authors: Karl Bryan, Peter Lawson
1st Edition
1777684706, 978-1777684709
