California State University, Dominguez Hills
Jun 12, 2020 · No basis step up if the asset is IRD (income in respect of a decedent) Converted property to business use. For depreciation, use lower of Adjusted Basis or FMV – similar to gifts. Capital Asset is defined in the negative as all property except: Inventory. Property used in business and subject to depreciation §1245 for personal property ................
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