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Problem 17-45 (LO. 2, 3, 5) Anna received tangible personal property with a fair market value of $65,000 as a gift in 2015. The donor
Problem 17-45 (LO. 2, 3, 5) Anna received tangible personal property with a fair market value of $65,000 as a gift in 2015. The donor had purchased the property for $77,000 and had taken $77,000 of depreciation. Anna used the property in her business. Anna sells the property for $23,000 in 2017 Indicate whether the following statements are "True" or "False" regrading the tax status when Anna sells the property. The property is a 1231 asset for Anna. . Anna's carryover basis was $65,000. The property has 1245 depreciation recapture potential of a. True False $77,000. b, when she sells the property for $23,000, how much of the gain, if any, is 1245 depreciation recapture
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