Question
Alexis purchased a rental house 3 years ago for $285,000. Her depreciation to date is $35,000. Due to a decrease in real estate prices, she
Alexis purchased a rental house 3 years ago for $285,000. Her depreciation to date is $35,000. Due to a decrease in real estate prices, she sells the house for only $275,000 in the prior year. What is her gain or loss for tax purpose?
| A. | $0 | |
| B. | $10,000 loss | |
| C. | $25,000 gain | |
| D. | $35,000 loss | |
| E. | $10,000 gain |
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The Art Of Safety Auditing A Tutorial For Regulators
Authors: Sasho Andonov
1st Edition
0367351080, 978-0367351083
