When Terrance sent his daughter to college, he purchased a house near campus for $95,000. Empty lots in the area sold for approximately $10,000 at the time. After she graduated, Terrance decided to keep the house for use as a rental. The fair market value at the time of the conversion was $160,000 and the price of the land had risen to $20,000. The basis for depreciation of the house is ___
A. $140,000
B. $105,000
C. $95,000
D. $85,000
Answers (2)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “When Terrance sent his daughter to college, he purchased a house near campus for $95,000. Empty lots in the area sold for approximately ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A customer recently wrote your bakery a letter complaining that the cherry scones were too crumbly and dry. What could you include in your response that would restore confidence? Check all that apply.
Answers (1)
Once a firm has diversified and established itself in several different businesses, then its main strategic alternatives include all but which one of the following? A. Broadening the firm's business scope by diversifying into additional businesses B.
Answers (1)
When can a company achieve sustainable competitive advantage? a. Whenever it possesses the most profitable business model in the industry and can satisfy shareholder expectations better than its competitors b.
Answers (1)
Which element of a print ad communicates the spirit of the brand? a. headline b. movement c. tagline d. body copy
Answers (1)
Kris contracts to work exclusively for Little Manufacturing Company during May for $5,000. On April 30, Little cancels the contract. Kris finds another job during May but earns only $3,000. Kris files a suit against Little.
Answers (1)
New Questions in Business
Chen runs a consulting firm that provides strategies to companies that are into space exploration. What type of business does Chen own? A. manufacturing B. merchandising C. service D. wholesale
Answers (1)
A department store has budgeted sales of 12,000 men's suits in September. Management wants to have 6,000 suits in inventory at the end of the month to prepare for the winter season. Beginning inventory for September is expected to be 4,000 suits.
Answers (1)
Identify the strengths and weaknesses of a partnership
Answers (1)
The managers of a restaurant have decided to utilize the Hawthorne effect to increase productivity, which means using cameras to film employees at work in order to isolate the parts of a job. a. True b. False
Answers (1)
An airline expects to SELL one million gallons of jet fuel in one month and decides to use heating oil futures for hedging. We suppose the correlation between jet fuel price and heating oil price is 0.93, the volatility of heating oil price is 0.
Answers (1)