Question
On February 14, 2020, Seaview Corp. purchased and placed into service 7-year MACRS tangible property costing $100,000. On December 31, 2022, Fleabag sold the property
On February 14, 2020, Seaview Corp. purchased and placed into service 7-year MACRS tangible property costing $100,000. On December 31, 2022, Fleabag sold the property for $102,000 after having taken $47,525 in MACRS depreciation deductions. What amount of the gain should Seaview recapture as ordinary income? Please explain.
a.$0
b.$2,000
c.$49,525
d.$47,525
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Handbook Of Hedge Funds
Authors: François-Serge Lhabitant
1st Edition
0470026634, 978-0470026632
