Multiple Choice
Albert Arnett's personal residence cost him $70,000, and it had a fair market value of $64,000 when it was converted to rental use. Albert claimed $4,000 depreciation during the time it was rented. fte rental building was sold for $62,000. What is his gain or loss?
A) ($8,000) loss
B) ($4,000) loss
C) ($2,000) loss
D) no gain or loss
E) $2,000 gain
Correct Answer:
Verified
Correct Answer:
Verified
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