Miguel receives tangible personal property as an

Reference no: EM13591752

Miguel receives tangible personal property as an inheritance in 2011. The property was depreciated by the deceased (Miguel's father), and Miguel will also depreciate it. At the date of the deceased's death, the property was worth $532,000. The deceased had purchased it for $900,000 and taken $523,000 of depreciation on the property. Miguel takes $223,000 of depreciation on the property before selling it for $482,000 in 2013. What are the tax status of the property and the nature of the recognized gain when Miguel sells the property?

Reference no: EM13591752

Questions Cloud

A gas expands against a constant external pressure of 09 : a gas expands against a constant external pressure of 0.9 bar until its volume has increased from 6.8 l to 10.4 l.

A woman 6 feet tall walks at a constant rate of 5 feet per : a woman 6 feet tall walks at a constant rate of 5 feet per second away from a light that is 15 ft. above the ground.

Lyons company deducts depreciation expense of 150000 for : lyons company deducts depreciation expense of 150000 for tax purposes in 2010 but the expense is not yet recognized for

In recent months there have been many news stories in the : in recent months there have been many news stories in the press about executive compensation with stock options. this

Miguel receives tangible personal property as an : miguel receives tangible personal property as an inheritance in 2011. the property was depreciated by the deceased

A gas-filled balloon having a volume of 500 l at 12 atm and : a gas-filled balloon having a volume of 5.00 l at 1.2 atm and 25degc is allowed to rise to the stratosphere about 30 km

On may 2 1986 hannah acquired residential real estate for : on may 2 1986 hannah acquired residential real estate for 450000. of the cost 100000 was allocated to the land and

Djusting entries are required at the end of the period to : adjusting entries are required at the end of the period to ensure that accrual accounting principles are applied. the

The partnerships capital balances are as follows meir 43000 : meir zarcus and ross are partners and share income and loss in a 145 ratio. the partnerships capital balances are as

User Account

All Pages