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Thanks.

 

Where does it say that "The law that you reference is only for a business property that is sold"

 

I did not find any mention in that law that restrict the law to a business property. to the contrary, "if such property is, in the hands of the transferee, of a character which is subject to the allowance for depreciation".

 

in my case it will be depreciable in the hands of the transferee.