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Three years ago, Bella purchased an office building for $330,000 ($250,000 allocated to the building; $80,000 allocated to the land). She spent $10,000 remodeling the
Three years ago, Bella purchased an office building for $330,000 ($250,000 allocated to the building; $80,000 allocated to the land). She spent $10,000 remodeling the building, and $12,000 for the installation of a parking lot and sidewalks. Property insurance premiums on the building are $5,000 per year. Bella has deducted total allowable depreciation on the building of $70,600 and $1,000 on the land improvements since shes owned the property. What is Bellas adjusted basis of the property?
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