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

question 858

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 increase the property basis by $630.
• C) Peter must reduce the property basis by $630.
• D) Peter can elect to deduct the $630 currently or increase the basis in the property.

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