Multiple Choice
Lynn purchases a house for $52,000. She converts the property to rental property when the fair market value is $115,000. After deducting depreciation (cost recovery) expense of $1,130, she sells the house for $120,000. What is her recognized gain or loss?
A) $0
B) $6,130
C) $37,630
D) $69,130
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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