D Owns a New Pizza Restaurant

question 18

Multiple Choice

D owns a new pizza restaurant.She converted her home, which she had purchased for $75,000 for use in the business when it was worth $70,000.Which of the following is not true of the home's basis for the business?

• A)$75,000 is used for determining depreciation.
• B)$70,000 is used for determining loss.
• C)$75,000 is used for determining gain.
• D)The basis must be adjusted for depreciation allowed or allowable for determining either gain or loss.

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