Lavinia owns an advertising agency. In February 2020, she purchases a building for $125,000. Lavinia spends $275,000
Question:
Lavinia owns an advertising agency. In February 2020, she purchases a building for $125,000. Lavinia spends $275,000 rehabilitating the building for use as her advertising agency office. The rehabilitation is completed in November 2020.
a. What criteria must Lavinia meet to qualify for the historic structures credit?
b. Assume that Lavinia meets the criteria in part a and that the building qualifies for the credit. What is the tax credit for 2020? What is the basis of the building?
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a To qualify for the historic structures credit a building must be certified ...View the full answer
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