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Andrew [12]
2 years ago
5

Emily spent $259,600 to rehabilitate a certified historic building (adjusted basis of $168,740) that originally had been placed

in service in 1935. What is Emily's rehabilitation expenditures tax credit
Business
1 answer:
tatiyna2 years ago
5 0

Answer: $51,920

Explanation:

For a building that was constructed before 1936, the rehabilitation credit is 20% of the amount that the taxpayer spent to rehabilitate the historic building. As this building was constructed in 1935, Emily qualifies for that 20% credit:

= 20% * 259,600

= $51,920

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