Mrs. Crane inherited an apartment building from her deceased husband. The fair market value of...
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Accounting
Mrs. Crane inherited an apartment building from her deceased husband. The fair market value of the building at the time of her husband's death was equal to the amount of a non recourse mortgage secured by the building, $50,000. Mr. Crane's adjusted basis in the property was $25,000. What is Mrs. Crane's basis in the building? (i need to explain my answer)
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