Rex Redd purchased a business building on January 1, 2005, for $975,000 and used the straight-line depreciation
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Rex Redd purchased a business building on January 1, 2005, for $975,000 and used the straight-line depreciation over 39 years. He took $25,000 depreciation for 2005 through 2016 and none for 2017 and 2018. He sold the building on January 2, 2019. What is Rex's adjusted basis in the building on January 2, 2019?
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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