ACC 4301 ACC4301 Chapter 8 Homework Problem Solutions (University of Houston)

ACC 4301 ACC4301 Chapter 8 Homework Problem Solutions (University of Houston)

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ACC 4301 Chapter 8 Homework Problem Solutions (University of Houston)

31.Cost of asset$200,000

Less: Greater of allowed and allowable cost recovery:

2012 $   910

2013 7,272    (8,182)

Basis at the end of 2013 $191,818

Less: Cost recovery for 2014 ($200,000 × 3.636% × .5/12)        (303)

Basis on date of sale $191,515 

Loss on sale of asset ($180,000 − $191,515) ($  11,515)

32.José’s basis for cost recovery is $300,000 because the basis of the house at the date of the conversion from personal use to rental property ($300,000) is less than the $400,000 fair market value. The cost recovery is $8,637

etc...


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