Di owns a pizza restaurant. She converted her home, which she had purchased for $75,000...
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Accounting
Di owns a pizza restaurant. She converted her home, which she had purchased for $75,000 for use in the business when it was worth $70,000. Which of the following is NOT true of the home's basis for the business?
A) $75,000 is used for determining depreciation
B) $70,000 is used for determining loss
C) $75,000 is used for determining gain
D) The basis must be adjusted for depreciation allowed or allowable for determining either gain or loss.
E) None od the above
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