Question
#76) A taxpayer purchases a rental property in 2006 for $540,000, and took a total depreciation deduction (total, not per year) of $32,224 from 2006
#76) A taxpayer purchases a rental property in 2006 for $540,000, and took a total depreciation deduction (total, not per year) of $32,224 from 2006 until the property was sold in 2021. Assuming that there were no other additions or subtractions from basis, what is the basis of this asset?
A. $572,224
B. $507,776
C. $357,099
D. Impossible to tell without knowing the value of the land
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Accounting
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
Volume 1, 2nd canadian Edition
176509739, 978-0176509736, 978-0176509743
