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Mark transfers all of the property of his sole proprietorship to a newly formed Baxter...

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Accounting

Mark transfers all of the property of his sole proprietorship to a newly formed Baxter Corporation in exchange for all of the Baxter stock. Mark has claimed depreciation on some of the property. Under what circumstances is Mark required to recapture previously claimed depreciation deductions? How is the depreciation deduction for the year of transfer calculated? What are the tax consequences if Baxter sells the depreciation property? Give examples and explain fully.

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