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The Lexington partnership has a depreciable business asset personal property that it originally purchased for $60,000. The asset now has an adjusted basis of $36,000
The Lexington partnership has a depreciable business asset personal property that it originally purchased for $60,000. The asset now has an adjusted basis of $36,000 and a market value of $70,000. The partnership has no other poten tial hot assets. Ambroz sells his 25% interest in the partnership. a. How much is Lexingtons depreciation recapture potential? b. How much ordinary income does Ambroz recognize when he sells this partner- ship interest
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