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Your grandmother just gave you a building and land that you will use in your business. She paid $50,000 for the building and claimed $10,000 in depreciation. The fair value at the time of her gift was $100,000. What is your basis? a. $50,000 b. $100,000 c. $10,000 d. nothing, you did not pay for it e. $40,000 Private mortgage insurance can be tax deductible as interest expense on itemized deductions. Select one: True False