Multiple Choice
On January 2, 2019, Todd converts his house into a rental property.Todd's basis in the house is $400,000, and its fair market value on the date of conversion is $376,000.What is Todd's basis for purposes of MACRS cost recovery?
A) $0; because it was converted from personal use, it cannot be depreciated.
B) $376,000.
C) $388,000.
D) $400,000.
Correct Answer:
Verified
Correct Answer:
Verified
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