4. Tara owns a house that she has been living in for eight years. She...
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Accounting
4. Tara owns a house that she has been living in for eight years. She purchased the house for
$200,000 and the FMV today is $ 160,000. She is moving into herfriends house and has decided to convert her residence to rental property. Assume 20% of thepropertys value is allocated to land.
Requirement a.What is the basis of the house for depreciation?
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