What are the tax status of the property

Assignment Help Financial Accounting

Reference no: EM131285848

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: EM131285848

Questions Cloud

How organizational culture and change interrelated : How are organizational culture and organizational change interrelated?- Describe which of the 4 elements you feel is the most critical in the successful management of change.

Character of the recognized gain from the sale of building : On May 2, 1986, Hannah acquired residential real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On January 20, 2013, the building, which then had an adjusted basis of $0, was sold for $545,000 and t..

What added elements are required of material control system : Has globalization been a factor in this evolution, or are other factors at play? Why or why not? What added elements are now required of a material control system as a result?

Average variable costs exceed the price : What will a competitive firm do in the short term if the average variable costs exceed the price?

What are the tax status of the property : 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. What are the tax status of the property and the nature of the recognized gain wh..

Determining the multinational competitors : What factors predict how local emerging firms will respond to multinational competitors?

Rewrite given paragraph by correcting all grammatical errors : Given is the Paragraph.- Rewrite the given paragraph by correcting all the grammatical errors.- The best way to enjoy a trip to the Caribbean!!!

Role of nucleotide hydrolysis in polymer dynamics : Please assess the validity of the statement that prokaryotes do not have a cytoskeleton. If they do not have a cytoskeleton, then just simply state that. If they do have a cytoskeleton then compare their cytoskeletal elements to eukaryotic actin, ..

Explanation on why should your organization receive grant : Explanation on why should your organization receive the grant? What resources and competencies does it have to successfully use the grant? Will you be working with other organizations on this grant?

User Account

All Pages