Do anti-churning rules apply to depreciation?

Technical topics regarding tax preparation.
#1
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797
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NC
Kids want to set up LLC and purchase charter fishing boat from parent's corporation. Will they get step up in basis for depreciation or does this violate anti-churning rules?
 

#2
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2657
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28-Apr-2021 7:00am
Location:
FL
They get depreciation, but 1239 makes the gain ordinary income and not LTCG.
Steve
 


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