Question
T paid $160,000 to have a home built on a lot he purchased for $25,000. Additionally, he made permanent improvements to the house of $20,000.
T paid $160,000 to have a home built on a lot he purchased for $25,000. Additionally, he made permanent improvements to the house of $20,000. At the time the house was put into service, the property had a FMV of $180,000 with $15,000 allocated to the land.
What is the basis in the property for calculating the depreciation on the rental property?
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Activity Based Cost Management In Government
Authors: Gary Cokins
2nd Edition
1567261817, 978-1567261813
