Peter Is Assessed $630 for Street Improvements in Front of His

question 78

Multiple Choice

Peter is assessed $630 for street improvements in front of his house.Which of the following statements is correct?

• A)Peter must deduct the assessment as a tax.
• B)Peter must reduce the property basis by $630.
• C)Peter must increase the property basis by $630.
• D)Peter can elect to deduct the $630 currently or increase the basis in the property.

---

Definitions:

Fundamental Niche

The entire set of conditions under which an organism can survive and reproduce without the presence of competition or predators.

Competition For Food

occurs when two or more organisms or species vie for the same food resources in their habitat, which can influence the population and distribution of the species involved.

Ecological Niche

The role and position a species has in its environment, including all its interactions with the biotic and abiotic factors.