Question Description
Senior owned a commercial office building that she had operated for many years, which had an adjusted basis, after $250,000 straight line depreciation of $750,000. Senior sold the office building at its fair market value, to SJ, Inc. a corporation in which Junior and her children only 80% of the stock, for SJ’s $1 million recourse note with adequate interest, secured by a mortgage on the commercial office building.
What is the tax effect on Senior and JR, Inc. of the sale?
You must support your answer fully with proper references to Code, Regs, Case, Rev. Rul. etc. If you need to make assumption state them clearly and explain how they impact your answer.
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