Actually, Uncle would have to pay ordinary income tax on the difference between his undepreciated basis at the time of the sale, and the original cost of the stuff ("recapture" of depreciation); and long term capital gains tax on any proceeds above his original purchase price. What with fast depreciation, and the fact that probably lots of the stuff was old and depreciated out, he probably did have to pay tax on pretty much the whole amount.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
... [Read Article]
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