Hillside Group,a Partnership,purchased a Building for $60,000 That Was Originally

question 57

Multiple Choice

Hillside Group,a partnership,purchased a building for $60,000 that was originally placed in service in 1929.The partnership incurs $180,000 rehabilitating the building.The building serves as the partnership's headquarters.The rehabilitation is completed in November 2013.What amount can the Hillside Group claim on their partnership return as a rehabilitation tax credit?

• A)$ 2,000
• B)$ 3,000
• C)$ 6,000
• D)$18,000
• E)$24,000

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Definitions:

Known Third Parties

Individuals or entities that are not directly involved in a contract but are known by the parties to be affected by the contract's execution.

Deliberately Falsified

Intentionally altered or distorted information, data, or documents to deceive or mislead.

Uniform Probate Code

A set of laws designed to standardize the process of administering a deceased person's estate across different jurisdictions.

Devise

Real property that is left in a will. In states that have adopted the Uniform Probate Code, the term refers to both real and personal property.