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4. Tara owns a house that she has been living in for eight years. She purchased the house for $200,000 and the FMV today is

4. Tara owns a house that she has been living in for eight years. She purchased the house for

$200,000 and the FMV today is $ 160,000. She is moving into herfriends house and has decided to convert her residence to rental property. Assume 20% of thepropertys value is allocated to land.

Requirement a. What is the basis of the house for depreciation?

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