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The taxpayer's adjusted basis in a certified historic structure is $100,000. During the year, the...

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Accounting

The taxpayer's adjusted basis in a certified historic structure is $100,000. During the year, the taxpayer spends $120,000 to rehabilitate the building. The taxpayer's adjusted basis in the building after taking into consideration the improvements and the rehabilitation credit is: 1)$220,000 2)$196,000 3)$208,000 4)$176,000 5)none of the above

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