[gms361]

I came across a question in the Wiley online test bank that involved section 291 depreciation recapture. I had NEVER heard of this before so I checked my study software, another study software, my college textbooks, and the tax Quickfinders we use at work. I cannot find this topic anywhere other than the Internal Revenue Code and the Wiley test bank. I even asked one of the partners at work about it and she had never encountered it before and she has practiced for 20 years. She said it probably had something to do with the fact that 291 deals specifically with corporations and generally small privately-owned corporations don’t own real property for tax purposes.

Anyway, this was sort of disconcerting to me that a topic is out there and I cannot find anything on it.

Has anyone else seen this before? I’m baffled that nothing I have covers it. And I have access to a lot of stuff!

AUD - 83
FAR - 78
BEC - 76
REG - 86 PTL!!!!!

Used CPAExcel & Wiley testbank (awesome by the way)