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Yang converted her personal residence to rental property ten years ago. At the time of conversion, the fair market value of the house was $60,000.
Yang converted her personal residence to rental property ten years ago. At the time of conversion, the fair market value of the house was $60,000. After taking depreciation deductions of $12,000, Yang sells the house for $68,000. If Yang paid $50,000 for the house, her adjusted basis in the house is:
$30,000.
$38,000.
$50,000.
$60,000.
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