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Leaving one's doll out in the yard and the doll getting wet would be considered a
Inherited Property
Property that individuals receive as a result of the death of the previous owner, transferring ownership through a will or by law.
Depreciation Basis
The initial cost of an asset that is used to calculate depreciation expense over the asset's useful life.
Decedent's Basis
The value assigned to a deceased person's property for tax purposes, determining the basis for heirs or beneficiaries for capital gains tax calculations when they sell the property.
Ordinary Expense
Regular and necessary costs incurred in running a business that are tax-deductible.
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