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Posted by Mark Bole on September 1, 2007, 9:42 pm
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>>>tks Art, was used in his profession while in UK but not
>>>here. Not sure if it was depreciated but will find out.
>>>Thge violin was sold to a collector here.
>>I haven't researched this issue, but it's possible the
>>"allowed or allowable" language in the code could make
>>whether or not he actually took depreciation in the UK
>>irrelevant to determining the amount of his gain.
> What if it wasn't depreciable in the UK, even though it
> would have been in the US?
Which country(s) tax laws was he subject to for the years in question?
If the property was used in a business conducted overseas and he was not
subject to U.S. tax law at the time, then I'm guessing neither the
income nor expenses (including depreciation) from that business are
relevant to the tax return in question.
-Mark Bole
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