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In 2012, Allen Anders Sold an Asset Which Cost $70,000

Question 72

Multiple Choice

In 2012, Allen Anders sold an asset which cost $70,000. Allen incorrectly claimed $40,000 depreciation over a five-year period. He should have claimed $50,000 depreciation. What was the adjusted basis when sold?


A) $0
B) $20,000
C) $30,000
D) $50,000
E) $70,000

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