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Social Studies, 14.11.2021 23:20 bankskry
Roberto a sole proprietor purchased a warehouse in 2016 for 500,000. His adjusted basis in the warehouse as of 12/31/2019 was $ 455,200. during 2020 there was a fire in the warehouse and Roberto spent $115,000 to repair the damage. The fire insurance company paid Roberto $ 100,000 on his damage claim. Assuming the 2020 depreciation expense on the warehouse is $ 40,000 what is the adjusted basis of the warehouse at 12/31/2020
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Roberto a sole proprietor purchased a warehouse in 2016 for 500,000. His adjusted basis in the wareh...
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