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Question 1: Which of the following statements is correct?
Option a. When depreciable property is inherited by a taxpayer, the depreciation recapture potential is extinguished.
Option b. When depreciable property is contributed to charity, the depreciation recapture potential has no effect on the amount of the charitable contribution deduction.
Option c. When depreciable property is gifted to another individual taxpayer, the depreciation recapture potential is extinguished.
Option d. When corporate depreciable property is distributed as a dividend, the depreciation recapture potential is generally not recognized.
Option e. All of these choices are correct.
This week we'll be looking at outsourcing from a business perspective. Please read the 10 Business Outsourcing Trends for 2017 here.
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