In 2008, Sharon purchased her principal residence for $500,000. In 2013, she converts the property to rental

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In 2008, Sharon purchased her principal residence for $500,000. In 2013, she converts the property to rental use because she has been unable to sell it due to the depressed real estate market. The property's current fair market value is $400,000 (of which $100,000 is for the land). What basis does Sharon use when computing depreciation on her rental property?
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Taxation For Decision Makers 2014

ISBN: 9781118654545

6th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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