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bulgar [2K]
2 years ago
13

Jim paid $250,000 for an apartment building with a fair market value of $260,000. At the time of the sale, the building was appr

aised at $225,000. For income tax purposes, what would be the basis of the apartment building
Business
1 answer:
Nimfa-mama [501]2 years ago
4 0

The amount of $225,000 will be the would be the basis of the apartment building for income tax purposes.

Basically, the cost basis is the purchase cost which is $225,000.

The fair market value and appraised cost does not have anything to do with tax basis for income tax purposes.

In conclusion, the amount of $225,000 will be the would be the basis of the apartment building for income tax purposes

Read more about Cost basis

<em>brainly.com/question/25899244</em>

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