Unformatted text preview: Truck $6,000 Computer $2,000 Furniture $1,000 What is the basis of each asset to you? Your grandfather gave you a house that is valued at $100,000, he paid $10,000 for it. What is your basis in the house? What if your grandfather left the house to you when he passed away? You have a truck with a $10,000 adjusted basis to you. You are converting this truck to business usage when it has a FMV of $5,000. What is the basis for depreciation? What is the basis if you were to sell it for $11,000? What is the basis if you were to sell it for $4,000?...
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This homework help was uploaded on 02/20/2009 for the course H ADM 422 taught by Professor Lhensley during the Fall '08 term at Cornell.
- Fall '08