Question 34 34. Bob owns a rental property for which he paid $150,000 several years ago....

 

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Question 34 34. Bob owns a rental property for which he paid $150,000 several years ago. It has had $30,000 in depreciation. He properly structured a 1031 exchange into a property with a purchase price after closing costs of $200,000. What is the basis of the new property Bob is purchasing? Ⓒ$170,000 $150,000 Ⓒ$200,000 $120,000 Question 35 1 pts $93,000 $94,000 $93,500 $100,000 1 pts 35. Jacob is self-employed. His gross revenue this tax year is $100,000. In the course of his business, he had professional insurance of $1,000, office supplies of $500, deductible mileage of $3,000, home office deduction of $1,500, and meals of $1,000. His net self-employment is Question 34 34. Bob owns a rental property for which he paid $150,000 several years ago. It has had $30,000 in depreciation. He properly structured a 1031 exchange into a property with a purchase price after closing costs of $200,000. What is the basis of the new property Bob is purchasing? Ⓒ$170,000 $150,000 Ⓒ$200,000 $120,000 Question 35 1 pts $93,000 $94,000 $93,500 $100,000 1 pts 35. Jacob is self-employed. His gross revenue this tax year is $100,000. In the course of his business, he had professional insurance of $1,000, office supplies of $500, deductible mileage of $3,000, home office deduction of $1,500, and meals of $1,000. His net self-employment is

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Question 34 Bobs basis in the new property after the 1031 exchange is 200000 Heres the explanation O... View the full answer