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What are the tax consequences to Wanda

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Problem - In January of the current year, Wanda transferred machinery worth $200,000 (basis of $30,000) to a controlled corporation, Oriole, Inc., in a transfer that qualified under § 351. Wanda had deducted depreciation on the machinery in the amount of $165,000 when she held the machinery for use in her proprietorship. Later during the year, Oriole sells the machinery for $190,000. What are the tax consequences to Wanda and to Oriole on the sale of the machinery?

Reference no: EM132645563

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