ABc company has one subsidiary, S9, S9 is a 80% controlled subsidiary. ABC sold at book value to S9 a piece of equipment for $1,000,000 above book value. Parent booked the transaction on Dec 25, 2020. S9 did not do anything with the piece of equipment. It is in the corner at the plant. They did start to depreciate over 7 years, MACRS. What do you think?
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