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purchased a house for my daughter while she was in college ,costing $100,000for her.At the time ,the property tax assessment allocated 10%of the property value
purchased a house for my daughter while she was in college ,costing $100,000for her.At the time ,the property tax assessment allocated 10%of the property value to the land. After my daughter graduated ,I decided to keep the house for use as rental. The fair market value at the time of the conversion was $150,000,but now the tax assessment allocated 35% to land value.The basis for depreciation of the house is
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