Yang converted her personal residence to rental property ten years ago. At the time of conversion,...
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Yang converted her personal residence to rental property ten years ago. At the time of conversion, the fair market value of the house was $60,000. After taking depreciation deductions of $12,000, Yang sells the house for $68,000. If Yang paid $50,000 for the house, her adjusted basis in the house is: $30,000. O $38,000. $48,000. O $50,000. $60,000. Yang converted her personal residence to rental property ten years ago. At the time of conversion, the fair market value of the house was $60,000. After taking depreciation deductions of $12,000, Yang sells the house for $68,000. If Yang paid $50,000 for the house, her adjusted basis in the house is: $30,000. O $38,000. $48,000. O $50,000. $60,000.
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c 48000 Explanation The adjusted basis is the fair value lessplus adjus... View the full answer
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
Posted Date:
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