Depreciation prior to the contribution, Accounting Basics

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Depreciation prior to the contribution

Yong contributes a machine having an adjusted basis of $20000 and a FMV of $25000 for a 10% partnership interest. Yong had taken $10000 of depreciation prior to the contribution. The partnership has no liabilities. As a result of the contribution, Yong must recognize:

A) No gain or loss

B) A $5000 sec. 1245 gain

C) A $5000 capital gain

D) $10,000 ordinary income

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Accounting Basics: Depreciation prior to the contribution

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Accounting Basics: Depreciation prior to the contribution

Reference No:- TGS0513566

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Depreciation prior to the contribution

Reference No:- TGS0513566

Recent Questions Asked Accounting Basics

Q : Explain reject or fail to reject the null hypothesis

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Q : Prepare the income statement for second year

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