1 answer

How is the excess of money received over the cost of new property reduced the basis of other property held

Question:

How is the excess of money received over the cost of new property reduced the basis of other property held by the corporation applied?


Answers

The excess amount of money received over the new property's cost decreases the basis of other property held by the corporation. It is applied in the below given order:

-- Depreciable property

-- Subjected property to amortization

-- Subjected property to depletion

-- Remaining properties (if any)

The basis of property will be decreased within each category to the relative property basis.

.

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