Thomas receives tangible personal property as an inheritance from a decedent who died in 2016. The property
Question:
Thomas receives tangible personal property as an inheritance from a decedent who died in 2016. The property was depreciated by the deceased, and Thomas will also depreciate it. At the date of the deceased's death, the property was worth more than the deceased's adjusted basis. What is the impact of these facts on Thomas when he sells the property at a gain several years after he acquired it?
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