James and susan sibley purchased a small apartment building, Ask an Expert

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James and Susan Sibley purchased a small apartment building in Sacramento ten years ago for $1,500,000. They invested $500,000 of their own money and obtained a $1m loan for the remainder. Acquisition costs totaled $10,000. They put on a new roof in year five. By year ten they had taken $400,000 in depreciation and were interested in selling the property. Show work What is their adjusted basis at this time of sale?

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Financial Management, Finance

Category:- Financial Management
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