Nicholas owns business equipment with a $155,000 adjusted basis; he paid $200,000 for the equipment,...
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Accounting
Nicholas owns business equipment with a $155,000 adjusted basis; he paid $200,000 for the equipment, and it is currently worth $173,000. Nicholas dies suddenly, and his son Alvin inherits the property. What is Alvin's basis for the property? What happens to the 1245 depreciation recapture potential?
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