On January 1, 2022, Daniel Murrow owned a commercial rental property which had an adjusted basis to
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Question:
On January 1, 2022, Daniel Murrow owned a commercial rental property which had an adjusted basis to him of $270,000. Daniel made the following expenditures during 2022:
- Ordinary painting of building $ 6,000
- Repair of roof section (useful life not
appreciably extended) 2,440
- Expansion to add loading dock 23,800
- Property taxes 6,000
What is Daniel's basis in the rental property at the beginning of 2023 and how much depreciation would be deductible in 2023?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: