Depreciation on inherited property sold in same year

Technical topics regarding tax preparation.
#1
Anderly  
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213
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17-Oct-2015 6:47pm
Location:
Nebraska
An estate has farm equipment with a fair market value of $100,000 as reported on the Form 706 with a date of death of 1/5/2020. The equipment is subsequently sold on 11/30/2020. Should we calculate depreciation for 2020? The only difference will be ordinary depreciation vs. §1231 loss on disposition (property sold at a loss). Thoughts?
 

#2
lucyko  
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933
Joined:
27-Jul-2014 10:19pm
Location:
Orange County,CA
No depreciation should be calculated because the farm equipment was purchased AND DISPOSED IN THE SAME YEAR .
 


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