Multiple Choice
Josh purchases a personal residence for $278,000 but subsequently converts the property to rental property when its FMV is $275,000.Assume depreciation of $65,000 has been deducted after conversion to rental use.If Josh sells the property for $280,000,his gain or loss will be
A) $2,000 gain.
B) $5,000 gain.
C) $67,000 gain.
D) $70,000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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