Carl Purchased a Building Costing $120,000 in 2000 for Use

question 26

Essay

Carl purchased a building costing $120,000 in 2000 for use in his landscape business. In 2009, he built an addition to the building at a cost of $30,000. In 2012, a tornado damaged the building. The cost of repairing the building was $22,000 and Carl's insurance company paid $16,000 of the cost of the repairs. Depreciation deducted on the building for 2000 through 2014 totaled $18,000. What is Carl's adjusted basis in the building at the end of 2014? Explain.

---

Definitions:

Recurring Appointment

An appointment that repeats at regular intervals over a set period of time.

Intervals

Periods of time or ranges in value, often referenced in scheduling, statistical analysis, or musical notation.

Outlook Folder

A container within Microsoft Outlook where emails, contacts, tasks, and other items are organized and stored.

View

Refers to the method or mode of displaying content on a screen, often adjustable to enhance user experience or focus on specific elements.