Anna received tangible personal property with a fair market value of $65,000 as a gift in 2019.
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Anna received tangible personal property with a fair market value of $65,000 as a gift in 2019. 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 2021. What are the tax status of the property and the nature of the recognized gain when she sells the property?
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Related Book For 
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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