Anna received tangible personal property with a fair market value of $65,000 as a gift in 2017.
Question:
Anna received tangible personal property with a fair market value of $65,000 as a gift in 2017. 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 2019. What are the tax status of the property and the nature of the recognized gain when she sells the property?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
The property is a 1231 asset for Anna because it is depreciable property used in her business and ...View the full answer
Answered By
Krishnavendra Y
I am a self motivated financial professional knowledgeable in; preparation of financial reports, reconciling and managing accounts, maintaining cash flows, budgets, among other financial reports. I possess strong analytical skills with high attention to detail and accuracy. I am able to act quickly and effectively when dealing with challenging situations. I have the ability to form positive relationships with colleagues and I believe that team work is great key to performance. I always deliver quality, detailed, original (0% plagiarism), well-researched and critically analyzed papers.
4+ Reviews
10+ Question Solved
Related Book For 
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Question Posted:
