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Yappa Corporation distributed depreciable personal property having a fair market value of $9,500 to its shareholders. The property had an adjusted basis of $2,000 to
Yappa Corporation distributed depreciable personal property having a fair market value of $9,500 to its shareholders. The property had an adjusted basis of $2,000 to the corporation. Yappa had correctly deducted $7,000 in depreciation on the property. What is the amount of Yappa's ordinary income due to this distribution?
- A.
- $9,500
- B.
- $7,500
- C.
- $7,000
- D.
- $0
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