Question
Rex Reed purchased a business building on January 1, 2002, for $975,000 and used the straight line depreciation over 39 years. He took $25,000 depreciation
Rex Reed purchased a business building on January 1, 2002, for $975,000 and used the straight line depreciation over 39 years. He took $25,000 depreciation for 2002 through 2013, and non for 2014 and 2015. He sold the building on January 2, 2016. What is Rex's adjusted basis in the building on January 2, 2016?
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Rehabilitation Tax Credit IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304114686, 978-1304114686
