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| Rose Budd owns 55% of the outstanding stock of Kee Corp. During 2013 Kee sold a machine to Rose for $80,000. This machine had an adjusted tax basis of $92,000 and had been owned by Kee for 3 years. What is the allowable loss that Kee can claim in its 2013 income tax return? A. $12,000 Section 1245 loss. B. $12,000 Section 1231 loss. C. $12,000 ordinary loss. D. $0. |