Discussion:Section 1239

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Discussion Forum Index --> Advanced Tax Questions --> Section 1239
Discussion Forum Index --> Tax Questions --> Section 1239

KLR (talk|edits) said:

18 May 2008
I have a c-corp, C, client owned 50/50 by brothers A & B with carryover capital losses. A & B also own and LLC taxed as a partnership, P, 50/50. P would like to buy appreciated an building and land from C. For section 1239 are P and C related? If so, can they offset the carryover loss with the gain allocated to the land?

Thanks for any assitance.

Newtaxguy (talk|edits) said:

May 18, 2008
uh, from what class did you say this problem was assigned?

TheTinCook (talk|edits) said:

19 May 2008
Hey, what a sec...I know this guy. He sits two rows in front of me! J/k


I'll give you the first part. Yes, that are considered related for ยง1239. The second part depends on if land is depreciable.

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