Business, 20.10.2020 16:01, lyssamichelle

Huey sold a warehouse with an original cost of $150,000 for $230,000 to an S corp where he owns a 51% interest. The S corp will use the warehouse in the business. The warehouse had accumulated depreciation of $40,000. Assuming no other asset sales during the year, how will the gain be taxed to Huey

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Huey sold a warehouse with an original cost of $150,000 for $230,000 to an S corp where he owns a 51...