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Disposal of a "Paving" asset on Depreciation Schedule
I have a mobile home park that suffered damages during Hurricane Sally. The asphalt paving was damaged at the entrances to my park due to falling trees. These were huge trees. Post Hurricane, numerous equipment trucks, electric company trucks, bucket trucks, etc. did substantial damage to the paving at these entrances. I need to remove these assets from my books. Is this considered Sec 1245, 1250, or 1231 property?
March 9, 2021
11:35 AM