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Ellen converted her personal residence to rental property. Her basis in the entire property was $45,000 and $5,000 of this was attributable to the land. The fair market value of the entire property on the date of the conversion was $50,000, with $11,000 of this attributable to the land. What is Ellen's basis for determining depreciation?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976183

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