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Unformatted text preview: ordinary income property. STEP 3. Allocate Adjustment To Each Asset Within Classes: A. Ordinary Income Property: Income/loss recognized in hypothetical sale less (if applicable): Negative basis adjustment FMV of Ordinary Asset from capital gain property X FMV of all Ordinary Assets A. Capital Gain Property: Income/loss recognized in hypothetical sale less (if applicable): Increase or decrease in FMV of Capital Asset basis of capital gain property X FMV of all Capital Assets NOTE: Special rules of Proposed Regulation 1.755-2 apply in the case of unstated goodwill. EXCEPTIONS: Not applicable to income in respect of a decedent....
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- Spring '11