Question
On January 1, 2021, Daniel Murrow owned a commercial rental property which had an adjusted basis to him of $270,000. Daniel made the following expenditures
On January 1, 2021, Daniel Murrow owned a commercial rental property which had an adjusted basis to him of $270,000. Daniel made the following expenditures during 2021:
- Ordinary painting of building $ 6,000
- Repair of roof section (useful life not
appreciably extended) 2,400
- Expansion to add loading dock 23,000
- Property taxes 6,000
What is Daniels basis in the rental property at the beginning of 2022 and how much depreciation would be deductible in 2022?
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
14th edition
978-1259284861, 1259284867, 77862392, 978-0077862398
